Published on 10/5/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.03 million barrier autocalls with contingent coupons on Russell, Nasdaq
By Kiku Steinfeld
Chicago, Oct. 5 – Bank of Montreal priced $2.03 million of autocallable barrier notes with contingent coupons due Sept. 30, 2021 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 10% if each index closes at or above the 70% barrier level on the observation date for that month.
The notes will be called at par if each index closes at or above its initial price on any monthly observation date after Dec. 28, 2020.
The payout at maturity will be par unless any index finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
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| Underliers: | Russell 2000 index and the Nasdaq-100 index
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| Amount: | $2,032,000
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| Maturity: | Sept. 30, 2021
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| Coupon: | 10%, payable monthly if each index closes at or above barrier level on observation date for that month
|
| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call: | At par if each index closes at or above initial price on any monthly observation date after Dec. 28, 2020
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| Initial levels: | 1,510.342 for Russell 2000 and 11,364.45 for Nasdaq-100
|
| Barrier levels: | 1,057.239 for Russell 2000 and 7,955.12 for Nasdaq-100; 70% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.57%
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| Cusip: | 06367W5F6
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