Published on 3/22/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1 million 11.5% fixed income yield notes on Charles Schwab, S&P 500
By Wendy Van Sickle
Columbus, Ohio, March 22 – BofA Finance LLC priced $1 million of 11.5% fixed income yield notes due July 18, 2025 linked to the worst performing of the S&P 500 index and the shares of Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either asset finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Fixed income yield notes
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Underlying assets: | Charles Schwab Corp., S&P 500 index
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Amount: | $1,001,000
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Maturity: | July 18, 2025
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Coupon: | 11.5% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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Initial levels: | 3,919.29 for S&P, $56.68 for Schwab
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Downside thresholds: | 2,351.57 for S&P, $34.01 for Schwab; 60% of initial levels
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Pricing date: | March 16
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Settlement date: | March 20
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.47%
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Cusip: | 09709VMM5
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