Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $655,000 8% contingent income autocallable yield notes on ETFs, index
Chicago, Feb. 5 – BofA Finance LLC priced $655,000 of contingent income autocallable yield notes due April 17, 2025 linked to the least performing of the iShares Silver Trust, S&P 500 index and SPDR Gold Shares, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called automatically starting in August 2023 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent monthly determination 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
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying assets: | iShares Silver Trust, S&P 500 index and SPDR Gold Shares
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Amount: | $655,000
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Maturity: | April 17, 2025
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Coupon: | 8% annual rate, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
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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
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Call: | Automatically starting in August 2023 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent monthly determination date
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Initial levels: | 4,124.08 for S&P, $186.81 for gold, $22.02 for silver
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Coupon barriers: | 2,886.86 for S&P, $130.77 for gold, $15.41 for silver, 70% of initial levels
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Downside thresholds: | 2,474.45 for S&P, $112.09 for gold, $13.21 for silver, 60% of initial levels
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Pricing date: | May 12, 2023
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Settlement date: | May 17, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 09709VW51
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