Bank of America Corporation (BAC) has announced the issuance of Accelerated Return Notes (ARNs) linked to the iShares Silver Trust, with a maturity date set for August 2025. These senior unsecured debt securities are fully and unconditionally guaranteed by BAC and are designed to provide investors with 3-to-1 upside exposure to increases in the underlying fund, capped at a return of 42.00% to 46.00%, while also maintaining a 1-to-1 downside exposure. The notes, issued by BofA Finance LLC and guaranteed by BAC, will not offer periodic interest payments and are subject to the credit risk of both the issuer and guarantor. The initial estimated value of the notes is expected to be between $9.22 and $9.89 per unit, which is below the public offering price...Show More

Bank of America Corporation (BAC) has announced the issuance of Accelerated Return Notes (ARNs) linked to the iShares Silver Trust, with a maturity date set for August 2025. These senior unsecured debt securities are fully and unconditionally guaranteed by BAC and are designed to provide investors with 3-to-1 upside exposure to increases in the underlying fund, capped at a return of 42.00% to 46.00%, while also maintaining a 1-to-1 downside exposure. The notes, issued by BofA Finance LLC and guaranteed by BAC, will not offer periodic interest payments and are subject to the credit risk of both the issuer and guarantor. The initial estimated value of the notes is expected to be between $9.22 and $9.89 per unit, which is below the public offering price of $10 per unit. The notes are set to price in June 2024, with a settlement date in July 2024 and a maturity date in August 2025. The offering includes an underwriting discount and a hedging-related charge. BofA Securities will act as the calculation agent, and the notes will not be insured by the FDIC or bank guaranteed, and may lose value. The notes will not be listed on any securities exchange, indicating limited secondary market liquidity.