Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.52 million autocallable notes on Russell 2000, S&P 500 Equal Weight
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – BofA Finance LLC priced $1.52 million of autocallable notes due Dec. 3, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 Equal Weight index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10% per year if each index closes at or above its call level on any semiannual call valuation date. The call level starts at 100% of the initial level and steps down to 97.5% of the initial level on the fifth observation date.
The payout at maturity will be par plus 30% if each index finishes at or above 95% of its initial level. If any index finishes below 95% of its initial level but each finish at or above its threshold level, 70% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 Equal Weight index
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| Amount: | $1,515,000
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| Maturity: | Dec. 3, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 95% of its initial level, par plus 30%; if the least performing index finishes below 95% of initial level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 10% per year if each index closes at or above its call level on any semiannual call valuation date; call level starts at 100% of initial level and steps down to 97.5% of the initial level on the fifth observation date
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| Initial levels: | 6,003.2 for S&P, 1,809.02 for Russell
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| Threshold levels: | 4,202.24 for S&P, 1,266.314 for Russell; 70% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 5
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09710PC61
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