Published on 3/5/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $7.35 million callable contingent income securities linked to S&P 500
New York, March 5 – BofA Finance LLC priced $7.35 million of callable contingent income securities due Feb. 5, 2026 linked to S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.15%, paid quarterly, if the underlying index closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call date starting Aug. 7, 2024.
At maturity, the payout will be par unless the index finishes below its 80% downside threshold, in which case investors will be fully exposed to the decline of the index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley Wealth Management will act as distributor.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable contingent income securities
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| Underlying index: | S&P 500 index
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| Amount: | $7,354,000
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| Maturity: | Feb. 5, 2026
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| Coupon: | 7.15%, paid quarterly, if the underlying index closes at or above its 80% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the index
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| Call option: | At par on any quarterly call date starting Aug. 7, 2024
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| Initial level: | 4,958.61
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| Downside threshold: | 3,966.89, 80% of initial levels
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| Coupon barrier: | 3,966.89, 80% of initial level
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 7
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 09710PR24
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