Published on 12/4/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $925,000 23.7% contingent income autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Dec. 4 – BofA Finance LLC priced $925,000 of contingent income autocallable yield notes due April 23, 2026 linked to Microsoft Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 23.7%, paid quarterly, if the lesser performing stock closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in October 2023 at par on a quarterly observation date if each stock closes at or above its initial level.
If the lesser performing 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 lesser performing stock 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying stocks: | Nvidia Corp. and Microsoft Corp.
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| Amount: | $925,000
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| Maturity: | April 23, 2026
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| Coupon: | 23.7%, paid quarterly, if the lesser performing stock closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If lesser performing stock finishes at or above its 60% threshold value, par; 1% loss for every 1% that lesser performing stock declines if it finishes below its threshold value
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| Call: | Automatically starting in October 2023 at par on a quarterly observation date if each stock closes at or above its initial level
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| Initial levels: | $288.45 for Microsoft, $279.31 for Nvidia
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| Downside thresholds: | $173.07 for Microsoft, $167.59 for Nvidia, 60% of initial levels
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| Coupon barriers: | $201.92 for Microsoft, $195.52 for Nvidia, 70% of initial levels
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| Pricing date: | April 20, 2023
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| Settlement date: | April 25, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.6%
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| Cusip: | 09709VTD8
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