By Kiku Steinfeld
Chicago, Sept. 4 – Bank of Montreal priced $38,000 of autocallable barrier notes with a contingent coupon due Nov. 30, 2021 linked to the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 6.25% per year if the index closes above its coupon barrier level, 60% of its initial level, on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes above its initial level on any monthly observation date starting on Feb. 23, 2021.
If the notes are not called, the payout at maturity will be par unless the final level of the index is less than 60% of its initial level, in which case investors will lose 1% for each 1% decline of the index from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying index: | Euro Stoxx Banks index
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| Amount: | $38,000
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| Maturity: | Nov. 30, 2021
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| Coupon: | 6.25% per year, payable monthly if each index closes above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless final level of the index is less than 60% of its initial level, in which case investors will lose 1% for each 1% decline of index from its initial level
|
| Call: | At par plus contingent coupon if index closes above initial level on any observation date starting on Feb. 23, 2021
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| Initial level: | 63.96
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| Coupon barrier/trigger level: | 38.38, 60% of initial level
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.75%
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| Cusip: | 06367W3Q4
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