Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $784,000 autocallable notes with buffered downside on indexes, fund
Chicago, Feb. 23 – BofA Finance LLC priced $784,000 of 0% market-linked securities – autocallable with fixed-percentage buffered downside due Jan. 21, 2028 linked to the lowest performing of the Russell 2000 index, Nasdaq-100 index and Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Starting after one year, the notes will be called at par plus an annualized 11.75% call premium if all three assets close above their starting values on any quarterly call date.
The final call premium is 47%.
If the notes have not been called and all three assets close above the 90% threshold, the payout will be par.
Otherwise, investors will have a 1% loss for each 1% decline beyond the 10% buffer.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market-linked securities – autocallable with fixed-percentage buffered downside
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| Underlying assets: | Russell 2000 index, Nasdaq-100 index and Financial Select Sector SPDR Fund
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| Amount: | $784,000
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| Maturity: | Jan. 21, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 47% if notes are called; if not called and worst performer finishes above threshold, par; otherwise, 1% loss for each 1% decline beyond 10% buffer
|
| Call: | Automatically at par plus 11.75% call premium starting after one year if all three assets close above initial levels on any quarterly call date
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| Initial levels: | 1,927.304 for Russell, 16,830.71 for Nasdaq, $37.34 for fund
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| Threshold levels: | 1,734.5736 for Russell, 15,147.639 for Nasdaq, $33.606 for fund, 90% of initial level
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 19
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.575%
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| Cusip: | 09710PMG8
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