Published on 9/11/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.76 million 11.1% contingent income autocallable yield notes on index, funds
New York, Sept. 11 – BofA Finance LLC priced $1.76 million of contingent income autocallable yield notes due Sept. 5, 2025 linked to the Consumer Staples Select Sector SPDR Fund, Dow Jones industrial average and VanEck Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.1%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in March 2024 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation date.
If the worst performing asset gains or ends above its 65% 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: | Consumer Staples Select Sector SPDR Fund, Dow Jones industrial average and VanEck Semiconductor ETF
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| Amount: | $1,761,000
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| Maturity: | Sept. 5, 2025
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| Coupon: | 11.1%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 65% 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 March 2024 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation date
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| Initial levels: | $72.76 for Consumer Staples Select Sector SPDR Fund, 34,721.91 for Dow Jones Industrial Average, $156.22 for VanEck Semiconductor ETF
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| Downside thresholds: | $47.29 for Consumer Staples Select Sector SPDR Fund, 22,569.24 for Dow Jones Industrial Average, $101.54 for VanEck Semiconductor ETF, 65% of initial level
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| Coupon barriers: | $47.29 for Consumer Staples Select Sector SPDR Fund, 22,569.24 for Dow Jones Industrial Average, $101.54 for VanEck Semiconductor ETF, 65% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09711AL55
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