Published on 10/30/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.08 million 10.5% contingent income issuer callable yield notes on S&P, ETF
Chicago, Oct. 30 – BofA Finance LLC priced $2.08 million of contingent income issuer callable yield notes due Oct. 23, 2026 linked to the least performing of the S&P 500 index and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid semiannually, if each underlier closes at or above its 60% coupon barrier on the related semiannual observation date.
The securities may be called at par starting April 25, 2024 on any semiannual date.
If the worst performing asset gains or ends above its 60% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying assets: | S&P 500 index and SPDR S&P Biotech ETF
|
| Amount: | $2,075,000
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| Maturity: | Oct. 23, 2026
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| Coupon: | 10.5% annual rate, paid semiannually, if each underlier closes at or above its 60% coupon barrier on the related semiannual observation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing asset finishes at or above its 60% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
| Call: | At par starting April 25, 2024 on any semiannual date
|
| Initial levels: | 4,224.16 for S&P, $66.92 for ETF
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| Coupon barriers: | 2,534.50 for S&P, $40.15 for ETF, 60% of initial levels
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| Downside thresholds: | 2,534.50 for S&P, $40.15 for ETF, 60% of initial levels
|
| Pricing date: | Oct. 20
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| Settlement date: | Oct. 25
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| Agent: | BofA Securities, Inc.
|
| Fees: | 0%
|
| Cusip: | 09711ATJ7
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