Published on 2/14/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $3.76 million autocallable barrier notes with contingent coupon on indexes, ETF
By Taylor Fox
New York, Feb. 16 – Bank of Montreal priced $3.76 million of autocallable barrier notes with contingent coupons due April 18, 2022 linked to the VanEck Vectors Gold Miners ETF, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 13.3% per year if each asset’s closing level is at least 65% of the initial level on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any monthly observation date beginning July 14.
If the notes are not called, the payout at maturity will be par plus any coupon unless the final level of any asset is less than its 60% trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, S&P 500 index and Nasdaq-100 index
|
| Amount: | $3,758,000
|
| Maturity: | April 18, 2022
|
| Coupon: | 13.3% per year, payable monthly if each asset’s closing level is at or above coupon barrier level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless the final level of any asset is less the trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset
|
| Call: | At par plus contingent coupon if assets close at or above initial levels on any monthly observation date beginning July 14
|
| Initial levels: | $36.04 for ETF, 3,801.19 for S&P, 12,892.09 for Nasdaq
|
| Coupon barrier levels: | $23.43 for ETF, 2,470.77 for S&P, 8,379.86 for Nasdaq, 65% of initial levels
|
| Trigger levels: | $21.62 for ETF, 2,280.71 for S&P, 7,735.25 for Nasdaq, 60% of initial levels
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 15
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06368ECQ3
|
|
|
© 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.
