Published on 12/15/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $13.37 million autocallable barrier notes with contingent coupon on Nasdaq, Gold Miners, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 15 – Bank of Montreal priced $13.37 million autocallable barrier notes with contingent coupons due March 10, 2022 linked to the Russell 2000 index, the Nasdaq-100 index and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 13.05% 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 asset closes above its initial level on any monthly observation date beginning on June 7, 2021.
If the notes are not called, the payout at maturity will be par unless the final level of any asset is less than 60% 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: | Russell 2000 index, Nasdaq-100 index and VanEck Vectors | Gold Miners ETF
|
| Amount: | $13,371,000
|
| Maturity: | March 10, 2022
|
| Coupon: | 13.05% 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 any asset is less than 60% 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 monthly observation date beginning June 7, 2021
|
| Initial levels: | 1,891.252 for Russell, 12,596.47 for Nasdaq, $36.50 for Gold Miners
|
| Coupon barrier levels: | 1,229.314 for Russell, 8,187.71 for Nasdaq, $23.73 for Gold Miners, 65% of initial levels
|
| Trigger levels: | 1,134.751 for Russell, 7,557.88 for Nasdaq, $21.90 for Gold Miners, 60% of initial levels
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 10
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.6%
|
| Cusip: | 06368EA51
|
|
|
© 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.
