Published on 10/25/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.06 million callable barrier notes with contingent coupon on Russell, Nasdaq
Chicago, Oct. 25 – Bank of Montreal priced $1.06 million of callable barrier notes with contingent coupons due Feb. 28, 2029 linked to the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 8% per year if each index’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be callable on any monthly observation date after three months.
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 contingent coupons
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index
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| Amount: | $1,055,000
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| Maturity: | Feb. 28, 2029
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| Coupon: | 8% per year, payable monthly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | If all indexes finish at or above trigger level, par; otherwise, loss of 1% for every 1% of decline of the worst performer from its initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after three months
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| Initial levels: | 13,974.67 for Nasdaq, 1,996.007 for Russell
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| Coupon barrier levels: | 9,782.27 for Nasdaq, 1,397.205 for Russell; 70% of initial levels
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| Trigger levels: | 8,384.8 for Nasdaq, 1,197.604 for Russell; 60% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.3%
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| Cusip: | 06368GKH9
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