11/01/2024 | Press release | Distributed by Public on 11/01/2024 15:08
This pricing supplement, which is not complete and may be changed, relates to an effective Registration Statement under the Securities Act of 1933. This pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these Notes in any country or jurisdiction where such an offer would not be permitted.
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The Fixed Income Buffered Auto-Callable Yield Notes Linked to the Least Performing of the Class C Capital Stock of Alphabet, Inc., the Common Stock of Amazon.com, Inc., the Common Stock of Apple Inc. and the Common Stock of NVIDIA Corporation, due November 26, 2027 (the "Notes") are expected to price on November 22, 2024 and expected to issue on November 27, 2024.
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Approximate 3 year term if not called prior to maturity.
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Payments on the Notes will depend on the individual performance of the Class C capital stock of Alphabet, Inc., the common stock of Amazon.com, Inc., the common stock of Apple Inc. and the common stock of NVIDIA Corporation (each an "Underlying Stock").
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A fixed coupon rate of 9.35% per annum (0.7792% per month) payable monthly, assuming the Notes have not been called.
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Beginning with the November 24, 2025 Call Observation Date, automatically callable monthly for an amount equal to the principal amount plus the Fixed Coupon Payment, if the Observation Value of each Underlying Stock is greater than or equal to 100.00% of its Starting Value on any Call Observation Date.
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Assuming the Notes are not called prior to maturity, if any Underlying Stock declines by more than 20% from its Starting Value, at maturity your investment will be subject to 1:1 downside exposure to decreases in the value of the Least Performing Underlying Stock beyond a 20% decline, with up to 80% of the principal at risk; otherwise, at maturity, you will receive the principal amount. At maturity you will also receive the final Fixed Coupon Payment regardless of the performance of the Least Performing Underlying Stock.
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All payments on the Notes are subject to the credit risk of BofA Finance LLC ("BofA Finance" or the "Issuer"), as issuer of the Notes, and Bank of America Corporation ("BAC" or the "Guarantor"), as guarantor of the Notes.
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The Notes will not be listed on any securities exchange.
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CUSIP No. 09711FJT5.
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Public offering price(1)
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Underwriting discount(1)(2)
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Proceeds, before expenses, to BofA Finance(2)
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Per Note
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$1,000.00
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$32.50
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$967.50
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Total
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(1)
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Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these fee-based advisory accounts may be as low as $967.50 per $1,000.00 in principal amount of Notes.
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(2)
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The underwriting discount per $1,000.00 in principal amount of Notes may be as high as $32.50, resulting in proceeds, before expenses, to BofA Finance of as low as $967.50 per $1,000.00 in principal amount of Notes.
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Are Not FDIC Insured
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Are Not Bank Guaranteed
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May Lose Value
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Selling Agent
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Issuer:
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BofA Finance
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Guarantor:
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BAC
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Denominations:
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The Notes will be issued in minimum denominations of $1,000.00 and whole multiples of $1,000.00 in excess thereof.
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Term:
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Approximately 3 years, unless previously automatically called.
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Underlying Stocks:
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The Class C capital stock of Alphabet, Inc. (Nasdaq Global Select Market symbol: "GOOG"), the common stock of Amazon.com, Inc. (Nasdaq Global Select Market symbol: "AMZN"), the common stock of Apple Inc. (Nasdaq Global Select Market symbol: "AAPL") and the common stock of NVIDIA Corporation (Nasdaq Global Select Market symbol: "NVDA").
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Pricing Date*:
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November 22, 2024
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Issue Date*:
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November 27, 2024
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Valuation Date*:
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November 22, 2027, subject to postponement as described under "Description of the Notes-Certain Terms of the Notes-Events Relating to Observation Dates" in the accompanying product supplement.
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Maturity Date*:
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November 26, 2027
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Starting Value:
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With respect to each Underlying Stock, its Closing Market Price on the pricing date.
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Observation Value:
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With respect to each Underlying Stock, its Closing Market Price on the applicable Call Observation Date, as applicable, multiplied by its Price Multiplier.
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Ending Value:
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With respect to each Underlying Stock, its Closing Market Price on the Valuation Date.
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Call Value:
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With respect to each Underlying Stock, 100.00% of its Starting Value.
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Price Multiplier:
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With respect to each Underlying Stock, 1, subject to adjustment for certain corporate events relating to that Underlying Stock as described in "Description of the Notes - Anti-Dilution Adjustments" beginning on page PS-23 of the accompanying product supplement.
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Threshold Value:
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With respect to each Underlying Stock, 80.00% of its Starting Value.
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Fixed Coupon Payment:
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Provided that the Notes have not been previously automatically called, we will pay a monthly Fixed Coupon Payment of $7.792 per $1,000.00 in principal amount of Notes (equal to a rate of 0.7792% per month or 9.35% per annum) on the applicable Fixed Payment Date (including the Maturity Date).
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Automatic Call:
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Beginning with the November 24, 2025 Call Observation Date, all (but not less than all) of the Notes will be automatically called if the Observation Value of each Underlying Stock is greater than or equal to its Call Value on any Call Observation Date. If the Notes are automatically called, the Early Redemption Amount will be paid on the applicable Call Payment Date. No further amounts will be payable following an Automatic Call.
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Early Redemption Amount:
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For each $1,000.00 in principal amount of Notes, $1,000.00, plus the applicable Fixed Coupon Payment.
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Redemption Amount:
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If the Notes have not been automatically called prior to maturity, the Redemption Amount per $1,000.00 in principal amount of Notes will be:
a) If the Ending Value of the Least Performing Underlying Stock is greater than or equal to its Threshold Value:
b) If the Ending Value of the Least Performing Underlying Stock is less than its Threshold Value:
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-2
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In this case, the Redemption Amount (excluding the final Fixed Coupon Payment) will be less than the principal amount and you could lose up to 80.00% of your investment in the Notes.
The Redemption Amount will also include the final Fixed Coupon Payment regardless of the performance of the Least Performing Underlying Stock.
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Fixed Payment Dates*:
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As set forth beginning on page PS-4
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Call Observation Dates*:
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As set forth beginning on page PS-6
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Call Payment Dates*:
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As set forth beginning on page PS-6. Each Call Payment Date is also a Fixed Payment Date.
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Calculation Agent:
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BofA Securities, Inc. ("BofAS"), an affiliate of BofA Finance.
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Selling Agent:
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BofAS
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CUSIP:
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09711FJT5
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Underlying Stock Return:
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With respect to each Underlying Stock,
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Least Performing Underlying Stock:
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The Underlying Stock with the lowest Underlying Stock Return.
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Events of Default and Acceleration:
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If an Event of Default, as defined in the senior indenture relating to the Notes and in the section entitled "Description of Debt Securities of BofA Finance LLC-Events of Default and Rights of Acceleration; Covenant Breaches" on page 54 of the accompanying prospectus, with respect to the Notes occurs and is continuing, the amount payable to a holder of the Notes upon any acceleration permitted under the senior indenture will be equal to the amount described under the caption "Redemption Amount" above, calculated as though the date of acceleration were the Maturity Date of the Notes and as though the Valuation Date were the third Trading Day prior to the date of acceleration. The final Fixed Coupon Payment will be prorated by the calculation agent to reflect the length of the final fixed payment period. In case of a default in the payment of the Notes, whether at their maturity or upon acceleration, the Notes will not bear a default interest rate.
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-3
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Fixed Payment Dates
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December 27, 2024
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January 27, 2025
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February 27, 2025
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March 27, 2025
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April 25, 2025
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May 28, 2025
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June 26, 2025
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July 25, 2025
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August 27, 2025
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September 25, 2025
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October 27, 2025
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November 28, 2025
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December 26, 2025
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January 27, 2026
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February 26, 2026
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March 26, 2026
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April 27, 2026
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May 28, 2026
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June 25, 2026
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July 27, 2026
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August 27, 2026
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September 25, 2026
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October 27, 2026
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November 27, 2026
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December 28, 2026
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January 27, 2027
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February 25, 2027
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March 25, 2027
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April 27, 2027
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May 27, 2027
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June 25, 2027
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July 27, 2027
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August 26, 2027
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September 27, 2027
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-4
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Fixed Payment Dates
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October 27, 2027
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November 26, 2027 (the "Maturity Date")
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-5
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Call Observation Dates*
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Call Payment Dates
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November 24, 2025
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November 28, 2025
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December 22, 2025
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December 26, 2025
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January 22, 2026
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January 27, 2026
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February 23, 2026
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February 26, 2026
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March 23, 2026
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March 26, 2026
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April 22, 2026
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April 27, 2026
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May 22, 2026
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May 28, 2026
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June 22, 2026
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June 25, 2026
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July 22, 2026
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July 27, 2026
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August 24, 2026
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August 27, 2026
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September 22, 2026
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September 25, 2026
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October 22, 2026
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October 27, 2026
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November 23, 2026
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November 27, 2026
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December 22, 2026
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December 28, 2026
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January 22, 2027
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January 27, 2027
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February 22, 2027
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February 25, 2027
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March 22, 2027
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March 25, 2027
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April 22, 2027
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April 27, 2027
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May 24, 2027
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May 27, 2027
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June 22, 2027
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June 25, 2027
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July 22, 2027
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July 27, 2027
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August 23, 2027
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August 26, 2027
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September 22, 2027
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September 27, 2027
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October 22, 2027
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October 27, 2027
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-6
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-7
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Ending Value of the Least Performing Underlying Stock
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Underlying Stock Return of the Least Performing Underlying Stock
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Redemption Amount per Note (including the final Fixed Coupon Payment)
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Return on the Notes(1)
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160.00
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60.00%
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$1,007.792
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0.7792%
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150.00
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50.00%
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$1,007.792
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0.7792%
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140.00
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40.00%
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$1,007.792
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0.7792%
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130.00
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30.00%
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$1,007.792
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0.7792%
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120.00
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20.00%
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$1,007.792
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0.7792%
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110.00
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10.00%
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$1,007.792
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0.7792%
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105.00
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5.00%
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$1,007.792
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0.7792%
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102.00
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2.00%
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$1,007.792
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0.7792%
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100.00(2)
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0.00%
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$1,007.792
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0.7792%
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90.00
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-10.00%
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$1,007.792
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0.7792%
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80.00(3)
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-20.00%
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$1,007.792
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0.7792%
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79.99
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-20.01%
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$1,007.692
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0.7692%
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70.00
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-30.00%
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$907.792
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-9.2208%
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60.00
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-40.00%
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$807.792
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-19.2208%
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50.00
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-50.00%
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$707.792
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-29.2208%
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0.00
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-100.00%
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$207.792
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-79.2208%
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(1)
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The "Return on the Notes" is calculated based on the Redemption Amount and final Fixed Coupon Payment, not including any Fixed Coupon Payments paid prior to maturity.
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(2)
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The hypothetical Starting Value of 100 used in the table above has been chosen for illustrative purposes only and does not represent a likely Starting Value of any Underlying Stock.
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(3)
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This is the hypothetical Threshold Value of the Least Performing Underlying Stock.
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-8
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Your investment may result in a loss; there is no guaranteed return of principal. There is no fixed principal repayment amount on the Notes at maturity. If the Notes are not automatically called prior to maturity and the Ending Value of any Underlying Stock is less than its Threshold Value, at maturity, your investment will be subject to 1:1 downside exposure to decreases in the value of the Least Performing Underlying Stock beyond a 20% decline and you will lose 1% of the principal amount for each 1% that the Ending Value of the Least Performing Underlying Stock is less than its Threshold Value. In that case, you will lose some or a significant portion of your investment in the Notes.
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Your return on the Notes is limited to the return represented by the Fixed Coupon Payments over the term of the Notes. Your return on the Notes is limited to the Fixed Coupon Payments paid over the term of the Notes, regardless of the extent to which the Observation Value or Ending Value of any Underlying Stock exceeds its Starting Value. Similarly, the amount payable at maturity or upon an Automatic Call will never exceed the sum of the principal amount and the Fixed Coupon Payment, regardless of the extent to which the Observation Value or the Ending Value of any Underlying Stock exceeds its Starting Value. In contrast, a direct investment in the Underlying Stocks would allow you to receive the benefit of any appreciation in their prices. Any return on the Notes will not reflect the return you would realize if you actually owned shares of an Underlying Stock and received the dividends paid or distributions made on them.
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The Notes are subject to a potential Automatic Call, which would limit your ability to receive the Fixed Coupon Payments over the full term of the Notes. The Notes are subject to a potential Automatic Call. Beginning with the November 24, 2025 Call Observation Date, the Notes will be automatically called if, on any Call Observation Date, the Observation Value of each Underlying Stock is greater than or equal to its Call Value. If the Notes are automatically called prior to the Maturity Date, you will be entitled to receive the Early Redemption Amount on the applicable Call Payment Date, and no further amounts will be payable following the Automatic Call. . In this case, you will lose the opportunity to continue to receive Fixed Coupon Payments after the date of the Automatic Call. If the Notes are called prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that could provide a return that is similar to the Notes.
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Your return on the Notes may be less than the yield on a conventional debt security of comparable maturity. Any return that you receive on the Notes may be less than the return you would earn if you purchased a conventional debt security with the same Maturity Date. As a result, your investment in the Notes may not reflect the full opportunity cost to you when you consider factors, such as inflation, that affect the time value of money. In addition, if interest rates increase during the term of the Notes, the Fixed Coupon Payment may be less than the yield on a conventional debt security of comparable maturity.
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The Early Redemption Amount or Redemption Amount, as applicable, will not reflect changes in the prices of the Underlying Stocks other than on the Call Observation Dates or the Valuation Date, as applicable. The prices of the Underlying Stocks during the term of the Notes other than on the Call Observation Dates or the Valuation Date, as applicable, will not affect the Early Redemption Amount or Redemption Amount. Notwithstanding the foregoing, investors should generally be aware of the performance of the Underlying Stocks while holding the Notes, as the performance of the Underlying Stocks may influence the market value of the Notes. The calculation agent will calculate the Early Redemption Amount or the Redemption Amount, as applicable, by comparing only the Starting Value, the Call Value or the Threshold Value, as applicable, to the Observation Value or the Ending Value for each Underlying Stock. No other prices of the Underlying Stocks will be taken into account. As a result, if the Notes are not automatically called prior to maturity and the Ending Value of the Least Performing Underlying Stock is less than its Threshold Value, you will receive less than the principal amount at maturity even if the price of each Underlying Stock was always above its Threshold Value prior to the Valuation Date.
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Because the Notes are linked to the least performing (and not the average performance) of the Underlying Stocks, you may not receive any return on the Notes and may lose some or a significant portion of your investment in the Notes even if the Ending Value of one Underlying Stock is greater than or equal to its Threshold Value. Your Notes are linked to the least performing of the Underlying Stocks, and a change in the price of one Underlying Stock may not correlate with changes in the prices of the other Underlying Stocks. The Notes are not linked to a basket composed of the Underlying Stocks, where the depreciation in the price of one Underlying Stock could be offset to some extent by the appreciation in the prices of the other Underlying Stocks. In the case of the Notes, the individual performance of each Underlying Stock would not be combined, and the depreciation in the price of one Underlying Stock would not be offset by any appreciation in the prices of the other Underlying Stocks. Even if the Ending Value of an Underlying Stock is at or above its Threshold Value, you will lose some or a significant portion of your investment in the Notes if the Ending Value of the Least Performing Underlying Stock is below its Threshold Value.
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Any payments on the Notes are subject to our credit risk and the credit risk of the Guarantor, and any actual or perceived
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-9
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changes in our or the Guarantor's creditworthiness are expected to affect the value of the Notes. The Notes are our senior unsecured debt securities. Any payment on the Notes will be fully and unconditionally guaranteed by the Guarantor. The Notes are not guaranteed by any entity other than the Guarantor. As a result, your receipt of any payments on the Notes will be dependent upon our ability and the ability of the Guarantor to repay our respective obligations under the Notes on the applicable payment date, regardless of the performance of the Underlying Stocks. No assurance can be given as to what our financial condition or the financial condition of the Guarantor will be at any time after the pricing date of the Notes. If we and the Guarantor become unable to meet our respective financial obligations as they become due, you may not receive the amount(s) payable under the terms of the Notes.
In addition, our credit ratings and the credit ratings of the Guarantor are assessments by ratings agencies of our respective abilities to pay our obligations. Consequently, our or the Guarantor's perceived creditworthiness and actual or anticipated decreases in our or the Guarantor's credit ratings or increases in the spread between the yield on our respective securities and the yield on U.S. Treasury securities (the "credit spread") prior to the Maturity Date may adversely affect the market value of the Notes. However, because your return on the Notes depends upon factors in addition to our ability and the ability of the Guarantor to pay our respective obligations, such as the prices of the Underlying Stocks, an improvement in our or the Guarantor's credit ratings will not reduce the other investment risks related to the Notes. |
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We are a finance subsidiary and, as such, have no independent assets, operations, or revenues. We are a finance subsidiary of the Guarantor, have no operations other than those related to the issuance, administration and repayment of our debt securities that are guaranteed by the Guarantor, and are dependent upon the Guarantor and/or its other subsidiaries to meet our obligations under the Notes in the ordinary course. Therefore, our ability to make payments on the Notes may be limited.
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The public offering price you pay for the Notes will exceed their initial estimated value. The range of initial estimated values of the Notes that is provided on the cover page of this preliminary pricing supplement, and the initial estimated value as of the pricing date that will be provided in the final pricing supplement, are each estimates only, determined as of a particular point in time by reference to our and our affiliates' pricing models. These pricing models consider certain assumptions and variables, including our credit spreads and those of the Guarantor, the Guarantor's internal funding rate, mid-market terms on hedging transactions, expectations on interest rates, dividends and volatility, price-sensitivity analysis, and the expected term of the Notes. These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and lower than their initial estimated value. This is due to, among other things, changes in the prices of the Underlying Stocks, changes in the Guarantor's internal funding rate, and the inclusion in the public offering price of the underwriting discount, if any, and the hedging related charges, all as further described in "Structuring the Notes" below. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways.
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The initial estimated value does not represent a minimum or maximum price at which we, BAC, BofAS or any of our other affiliates would be willing to purchase your Notes in any secondary market (if any exists) at any time. The value of your Notes at any time after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the Underlying Stocks, our and BAC's creditworthiness and changes in market conditions.
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We cannot assure you that a trading market for your Notes will ever develop or be maintained. We will not list the Notes on any securities exchange. We cannot predict how the Notes will trade in any secondary market or whether that market will be liquid or illiquid.
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Trading and hedging activities by us, the Guarantor and any of our other affiliates, including BofAS, may create conflicts of interest with you and may affect your return on the Notes and their market value. We, the Guarantor or one or more of our other affiliates, including BofAS, may buy or sell shares of the Underlying Stocks, or futures or options contracts or exchange traded instruments on the Underlying Stocks, or other instruments whose value is derived from the Underlying Stocks. We, the Guarantor or one or more of our other affiliates, including BofAS, may execute such purchases or sales for our own or their own accounts, for business reasons, or in connection with hedging our obligations under the Notes. These transactions may present a conflict of interest between your interest in the Notes and the interests we, the Guarantor and our other affiliates, including BofAS, may have in our or their proprietary accounts, in facilitating transactions, including block trades, for our or their other customers, and in accounts under our or their management. These transactions may adversely affect the prices of the Underlying Stocks in a manner that could be adverse to your investment in the Notes. On or before the pricing date, any purchases or sales by us, the Guarantor or our other affiliates, including BofAS or others on our or their behalf (including those for the purpose of hedging some or all of our anticipated exposure in connection with the Notes), may affect the prices of the Underlying Stocks. Consequently, the prices of the Underlying Stocks may change subsequent to the pricing date, which may adversely affect the market value of the Notes.
We, the Guarantor or one or more of our other affiliates, including BofAS, also expect to engage in hedging activities that could affect the prices of the Underlying Stocks on the pricing date. In addition, these hedging activities, including the unwinding of a hedge, may decrease the market value of your Notes prior to maturity, and may affect the amounts to be paid on the Notes. We, the Guarantor or one |
FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-10
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or more of our other affiliates, including BofAS, may purchase or otherwise acquire a long or short position in the Notes and may hold or resell the Notes. For example, BofAS may enter into these transactions in connection with any market making activities in which it engages. We cannot assure you that these activities will not adversely affect the prices of the Underlying Stocks, the market value of your Notes prior to maturity or the amounts payable on the Notes.
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There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours. We have the right to appoint and remove the calculation agent. One of our affiliates will be the calculation agent for the Notes and, as such, will make a variety of determinations relating to the Notes, including the amounts that will be paid on the Notes. Under some circumstances, these duties could result in a conflict of interest between its status as our affiliate and its responsibilities as calculation agent.
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The terms of the Notes will not be adjusted for all corporate events that could affect an issuer of an Underlying Stock. The Price Multiplier of an Underlying Stock, the determination of the payments on the Notes, and other terms of the Notes may be adjusted for the specified corporate events affecting the Underlying Stock, as described in the section entitled "Description of the Notes-Anti-Dilution Adjustments" beginning on page PS-23 of the accompanying product supplement. However, these adjustments do not cover all corporate events that could affect the market price of an Underlying Stock, such as offerings of common shares for cash or in connection with certain acquisition transactions. The occurrence of any event that does not require the calculation agent to adjust the applicable Price Multiplier or the amounts that may be paid on the Notes at maturity may adversely affect the price of an Underlying Stock, and, as a result, the market value of the Notes.
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The U.S. federal income tax consequences of an investment in the Notes are uncertain, and may be adverse to a holder of the Notes. No statutory, judicial, or administrative authority directly addresses the characterization of the Notes or securities substantially similar to the Notes for U.S. federal income tax purposes. As a result, significant aspects of the U.S. federal income tax consequences of an investment in the Notes are not certain. Under the terms of the Notes, you will have agreed with us to treat the Notes as consisting of a put option and a deposit, as more fully described below under "U.S. Federal Income Tax Summary-General." If the Internal Revenue Service (the "IRS") were successful in asserting an alternative characterization for the Notes, the timing and character of income, gain or loss with respect to the Notes may differ. No ruling will be requested from the IRS with respect to the Notes and no assurance can be given that the IRS will agree with the statements made in the section entitled "U.S. Federal Income Tax Summary." You are urged to consult with your own tax advisor regarding all aspects of the U.S. federal income tax consequences of investing in the Notes.
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-11
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-12
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-13
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-14
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-15
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-16
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-17
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-18
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i.
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a put option (the "Put Option") written by you to us that, if exercised, requires you to pay us an amount equal to the Deposit (as defined below) in exchange for a cash amount based upon the performance of the Underlyings; and
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ii.
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a deposit with us of a fixed amount of cash, equal to the issue price of the Note, to secure your obligation under the Put Option (the "Deposit") that pays you interest based on our cost of borrowing at the time of issuance (the "Deposit Interest").
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-19
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-20
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the Non-U.S. Holder does not own, directly or by attribution, ten percent or more of the total combined voting power of all classes of our stock entitled to vote;
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the Non-U.S. Holder is not a controlled foreign corporation related, directly or indirectly, to us through stock ownership;
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the Non-U.S. Holder is not a bank receiving interest under Section 881(c)(3)(A) of the Code;
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the certification requirement described below has been fulfilled with respect to the beneficial owner; and
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the payment is not effectively connected with the conduct by the Non-U.S. Holder of U.S. trade or business.
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-21
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FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-22
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Product Supplement STOCK-1 dated December 30, 2022:
https://www.sec.gov/Archives/edgar/data/1682472/000119312522315468/d427660d424b2.htm |
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Series A MTN prospectus supplement dated December 30, 2022 and prospectus dated December 30, 2022:
https://www.sec.gov/Archives/edgar/data/1682472/000119312522315195/d409418d424b3.htm |
FIXED INCOME BUFFERED AUTO-CALLABLE YIELD NOTES | PS-23
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