Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $448,000 14.6% contingent income buffered issuer callable yield notes on Tesla
Chicago, Feb. 11 – BofA Finance LLC priced $448,000 of contingent income buffered issuer callable yield notes due May 31, 2024 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.6%, paid monthly, if the underlying stock closes at or above its 50% coupon barrier on the related monthly observation date.
The securities may be called at par starting on Aug. 30, 2023 on any quarterly call date.
If the stock gains or ends above its 75% threshold value the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the stock declines beyond the 25% 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 stock: | Tesla, Inc.
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| Amount: | $448,000
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| Maturity: | May 31, 2024
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| Coupon: | 14.6% annual rate, paid monthly, if the underlying stock closes at or above its 50% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | If stock finishes at or above its 75% threshold value, par; otherwise, 1% loss for every 1% that stock declines beyond 25% buffer
|
| Call: | At par starting on Aug. 30, 2023 on any quarterly call date
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| Initial level: | $184.47
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| Coupon barrier: | $92.24, 50% of initial level
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| Downside threshold: | $138.35, 75% of initial level
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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: | 0.75%
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| Cusip: | 09709VY34
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