Published on 8/28/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $69,000 autocallable barrier notes with contingent coupon on Russell, Nasdaq
By Sarah Lizee
Olympia, Wash., Aug. 28 – Bank of Montreal priced $69,000 of autocallable barrier notes with contingent coupons due Nov. 30, 2021 linked to the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 5.5% 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 observation date beginning on Feb. 23, 2021.
If the notes are not called, the payout at maturity will be par unless the final level of either asset is less than 65% of the initial 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: | Nasdaq-100 index and Russell 2000 index
|
| Amount: | $69,000
|
| Maturity: | Nov. 30, 2021
|
| Coupon: | 5.5% per year, payable monthly if each asset’s closing level is at least 65% of the initial level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless the final level of either asset is less than 65% of the initial 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 observation date beginning Feb. 23, 2021
|
| Initial levels: | 11,971.940 for Nasdaq, 1,560.193 for Russell
|
| Coupon barrier levels: | 7,781.761 for Nasdaq, 1,014.125 for Russell, 65% of initial levels
|
| Trigger levels: | 7,781.761 for Nasdaq, 1,014.125 for Russell, 65% of initial levels
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.25%
|
| Cusip: | 06367W3M3
|
|
|
© 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.
