Summary by Futu AI
Bank of America Corporation (BofA Finance) has announced the pricing of Contingent Income Issuer Callable Yield Notes linked to the performance of the Russell 2000 Index and the S&P 500 Index, with a maturity date of February 4, 2026. The notes, which are not guaranteed by the FDIC, are expected to price on July 30, 2024, and issue on August 2, 2024. They offer a contingent coupon rate of 6.85% per annum, payable monthly if the indices' closing levels are at or above 75% of their starting values, assuming the notes have not been called. The notes are callable monthly beginning February 4, 2025, at the issuer's option. If the least performing underlying index declines by more than 25% from its starting value at maturity, investors' principal is at risk. The notes are subject to the credit risk of BofA Finance and Bank of America Corporation, and will not be listed on any securities exchange. The initial estimated value of the notes is expected to be between $903.10 and $953.10 per $1,000 in principal amount, which is less than the public offering price.