Published on 10/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.83 million variable income autocallable yield notes on three tech stocks
By William Gullotti
Buffalo, N.Y., Oct. 12 – BofA Finance LLC priced $1.83 million of variable income autocallable yield notes due Sept. 29, 2028 tied to the stock performance of Amazon.com, Inc., Nvidia Corp. and Tesla, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a monthly coupon at a variable rate.
If each stock closes at or above its 75% coupon barrier on the corresponding review date, the payable coupon will be the equivalent of approximately 9% per year. If any stock closes below its coupon barrier, the equivalent annual rate will be 0.25%.
If each stock closes at or above its initial level on any monthly valuation date after one year, the notes will be automatically called at par plus the coupon.
The payout at maturity will be par plus the relevant coupon.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Issue: | Variable income autocallable yield notes
|
| Guarantor: | Bank of America Corp.
|
| Underlying stocks: | Amazon.com, Inc., Nvidia Corp., Tesla, Inc.
|
| Amount: | $1,829,000
|
| Maturity: | Sept. 29, 2028
|
| Coupon: | Variable, payable monthly; if each stock closes at or above its coupon barrier on the corresponding review date, the coupon will be equivalent to 9% per year; if any stock closes below its coupon barrier, the coupon will be 0.25%
|
| Price: | Par
|
| Payout at maturity: | Par plus the relevant coupon
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly valuation date after one year
|
| Initial levels: | $125.98 for Amazon, $419.11 for Nvidia, $244.12 for Tesla
|
| Coupon barriers: | $94.49 for Amazon, $314.33 for Nvidia, $183.09 for Tesla; 75% of initial level
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 3.75%
|
| Cusip: | 09711AMP0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
