Published on 3/28/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.63 million autocallable barrier notes with contingent coupon on indexes
New York, March 29 – Bank of Montreal priced $1.63 million of autocallable barrier notes with contingent coupons due March 4, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 6% per year if each index’s closing level is at least 60% of the initial level on the observation date for that period.
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 after one year.
If the notes are not called, the payout at maturity will be par unless the final level of any index 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 indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
|
| Amount: | $1,625,000
|
| Maturity: | March 4, 2024
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| Coupon: | 6% per year, payable monthly if each asset’s closing level is above the coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless the final level of any asset is less than 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 indexes close at or above initial levels on any monthly observation date after one year
|
| Initial levels: | 2,275.321 for Russell, 3,901.82 for S&P, 31,535.51 for Dow
|
| Coupon barrier levels: | 1,365.193 for Russell, 2,341.09 for S&P, 18,921.31 for Dow, 60% of initial levels
|
| Trigger levels: | 1,365.193 for Russell, 2,341.09 for S&P, 18,921.31 for Dow, 60% of initial levels
|
| Pricing date: | March 1
|
| Settlement date: | March 4
|
| Agent: | BMO Capital Markets
|
| Fees: | 0.1%
|
| Cusip: | 06368EFT4
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