Published on 11/17/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.25 million callable barrier notes with memory coupon on three indexes
By Kiku Steinfeld
Chicago, Nov. 17 – Bank of Montreal priced $1.25 million of callable barrier notes with memory coupons due March 21, 2023 linked to the Euro Stoxx 50 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 9% per year if each index’s closing level is at least 60% of its initial level on the relevant observation date, in which case any previously unpaid coupon will be paid.
The notes will be callable on any quarterly observation date.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 60% trigger level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Callable barrier notes with memory coupons
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Underlying indexes: | Euro Stoxx 50 index, S&P 500 index, Nasdaq-100 index
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Amount: | $1.25 million
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Maturity: | March 21, 2023
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Coupon: | 9% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date, in which case any previously unpaid coupon will be paid
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Price: | Par
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Payout at maturity: | If all indexes finish above trigger level, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | 3,956.79 for Stoxx, 4,357.86 for S&P, 13,956.79 for Nasdaq
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Coupon barrier levels: | 2,333.81 for Stoxx, 2,614.72 for S&P, 8,374.07 for Nasdaq; 60% of initial levels
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Trigger levels: | 2,333.81 for Stoxx, 2,614.72 for S&P, 8,374.07 for Nasdaq; 60% of initial levels
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P Pricing date: | March 16
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Settlement date: | March 21
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.25%
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Cusip: | 06368GN29
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