Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.75 million contingent income autocallable yield notes on three indexes
New York, March 14 – BofA Finance LLC priced $1.75 million of contingent income autocallable yield notes due March 10, 2027 linked to the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.6%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if each index closes at or above its initial level on any quarterly observation date starting March 7, 2025.
If the worst performing index finishes at or above its 70% 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 from initial level.
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 autocallable yield notes
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and S&P 500 index
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Amount: | $1.75 million
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Maturity: | March 10, 2027
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Coupon: | 9.6%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 70% threshold value, par; otherwise, 1% loss for every 1% that worst performing index declines from initial level
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Call: | Automatically at par if each index closes at or above its initial level on any quarterly observation date starting March 7, 2025
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Initial levels: | 38,585.19 for Dow Jones industrial average, 17,897.87 for Nasdaq-100, 5,078.65 for S&P 500
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Downside thresholds: | 27,009.63 for Dow Jones industrial average, 12,528.51 for Nasdaq-100, 3,555.06 for S&P 500, 70% of initial levels
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Coupon barriers: | 27,009.63 for Dow Jones industrial average, 12,528.51 for Nasdaq-100, 3,555.06 for S&P 500, 70% of initial levels
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Strike date: | March 5
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Pricing date: | March 7
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Settlement date: | March 11
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Agent: | BofA Securities, Inc.
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Fees: | 0.2%
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Cusip: | 09711BAT3
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