Published on 12/28/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $7.15 million autocallable jump securities linked to S&P, Russell
New York, Dec. 28 – BofA Finance LLC priced $7.15 million of jump securities with autocallable feature due Oct. 4, 2029 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at a price to give a return of 8.65% per year if the closing level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Oct. 7, 2024.
At maturity, the payout will be par plus 51.9% if the worst performing index finishes at or above its initial level.
The payout will be par if the worst performing index declines but finishes at or above its 80% trigger level. Otherwise, investors will be fully exposed to the decline of the worst performing index from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley will act as distributor.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $7,148,000
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| Maturity: | Oct. 4, 2029
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 51.9% if worst performing index finishes at or above its initial level; par if worst performing index declines but finishes at or above its 80% trigger level; otherwise, full exposure to decline of worst performing index
|
| Call: | Automatically at a price to give a return of 8.65% per year if the closing level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Oct. 7, 2024
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| Initial levels: | 1,785.102 for Russell 2000 Index, 4,288.05 for S&P 500 Index
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| Downside thresholds: | 1,428.082 for Russell 2000 Index, 3,430.44 for S&P 500 Index, 80% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 3.5% including a structuring fee of 0.5%
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| Cusip: | 09711APV4
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