Published on 1/22/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.07 million contingent income issuer callable yield notes on ETFs
Chicago, Jan. 22 – BofA Finance LLC priced $4.07 million of contingent income issuer callable yield notes due Jan. 22, 2027 linked to the least performing of the iShares Russell 2000 ETF, SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.65%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date. Previously unpaid coupons will also be paid.
The securities may be called at par starting July 19, 2024 on any quarterly call date.
If the worst performing asset gains or ends above its 60% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying assets: | iShares Russell 2000 ETF, SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF
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| Amount: | $4,066,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 12.65% annual rate, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 60% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
| Call: | At par starting July 19, 2024 on any quarterly call date
|
| Initial levels: | $89.06 for biotech, $49.54 for banking, $190.84 for Russell ETF
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| Coupon barriers: | $53.44 for biotech, $29.72 for banking, $114.50 for Russell ETF, 60% of initial levels
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| Downside thresholds: | $53.44 for biotech, $29.72 for banking, $114.50 for Russell ETF, 60% of initial levels
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 19
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| Agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09710PMX1
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