Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $573,000 contingent income buffered issuer callable yield notes on indexes
Chicago, Feb. 11 – BofA Finance LLC priced $573,000 of contingent income buffered issuer callable yield notes due March 2, 2026 linked to the least performing of the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.25%, paid monthly, if each underlying index closes at or above its 85% coupon barrier on the related monthly observation date.
The securities may be called at par starting on Nov. 30, 2023 on any quarterly call date.
If the worst performing index gains or ends above its 85% threshold value the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performing index declines beyond the 15% buffer.
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 buffered issuer callable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $573,000
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| Maturity: | March 2, 2026
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| Coupon: | 8.25% annual rate, paid monthly, if each underlying index closes at or above its 85% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its 85% threshold value, par; otherwise, 1% loss for every 1% that worst performing index declines beyond the 15% buffer
|
| Call: | At par starting on Nov. 30, 2023 on any quarterly call date
|
| Initial levels: | 1,754.605 for Russell, 4,151.28 for S&P
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| Coupon barriers: | 1,491.414 for Russell, 3,528.59 for S&P, 85% of initial levels
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| Downside thresholds: | 1,491.414 for Russell, 3,528.59 for S&P, 85% of initial levels
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| Pricing date: | May 25, 2023
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| Settlement date: | May 31, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 3%
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| Cusip: | 09709VVR4
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