Summary by Futu AI
Bank of America Corporation has announced the issuance of Contingent Income Auto-Callable Securities, due on June 26, 2025, based on the performance of Tesla, Inc.'s common stock. These securities, which do not guarantee principal repayment or regular interest payments, offer investors the potential for contingent quarterly coupon payments in exchange for the risk of receiving few or no such payments over the 1-year term. The securities, fully guaranteed by Bank of America, are part of BofA Finance LLC's 'Medium-Term Notes, Series A' program. Issued at $1,000 per security, they may be subject to early redemption if Tesla's stock price meets certain criteria on specified determination dates. The first determination date is set for September 23, 2024, with quarterly dates following. The securities are not listed on any exchange, and their estimated value at issuance ranges between $922.50 and $972.50 per $1,000 in principal amount. Investors are advised to review the associated risk factors and tax considerations detailed in the preliminary pricing supplement before investing.