Published on 5/16/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.95 million autocallable barrier enhanced return notes on basket
By Wendy Van Sickle
Columbus, Ohio, May 16 – Bank of Montreal priced $1.95 million of 0% autocallable barrier enhanced return notes due May 18, 2026 linked to the performance of an equally weighted basket of five bank stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the stocks of Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc., U.S. Bancorp and Keycorp.
The notes will be called automatically at par plus a 15% call premium if the basket closes at or above its initial level on May 16, 2024.
The payout at maturity will be par plus 2.25 times any basket gain.
Investors will receive par if the basket falls by up to 45% and will lose 1% for each 1% of basket decline if it falls by more than 45%.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier enhanced return notes
|
| Underlying stocks: | Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc., U.S. Bancorp and Keycorp, each with 20% weights
|
| Amount: | $1,953,000
|
| Maturity: | May 18, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 2.25 times any gain of the basket; par if the basket falls by up to 45%; otherwise, full exposure to basket decline from initial level
|
| Call: | Automatically at par plus 15% call premium if the basket closes at or above its initial level on May 16, 2024
|
| Initial stock levels: | $46.03 for Citi, $27.39 for BofA, $320.72 for Goldman, $28.92 for U.S. Bancorp, $9.09 for Keycorp
|
| Barrier level: | 55% of initial level
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Selling agent: | BMO Capital Markets Corp.
|
| Fees: | 3.2%
|
| Cusip: | 06374VV52
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
