Published on 4/5/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $10.42 million contingent market-linked autocalls on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, April 5 – Bank of Montreal priced $10.42 million of market-linked securities due March 27, 2026 – autocallable with contingent coupon and contingent downside linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.15% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
BMO Capital Markets Corp. is the agent with Wells Fargo Securities, LLC acting as the agent for distribution.
Issuer: | Bank of Montreal
|
Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
|
Amount: | $10,423,000
|
Maturity: | March 27, 2026
|
Coupon: | 8.15% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
Price: | Par
|
Payout at maturity: | Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of worst performing index
|
Call: | At par if each index closes at or above its initial level on any interest payment date after six months
|
Initial levels: | 33,066.96 for Dow, 2,195.796 for Russell, 12,896.53 for Nasdaq
|
Coupon thresholds: | 24,800.22 for Dow, 1,646.847 for Russell, 9,672.3975 for Nasdaq; 75% of initial levels
|
Downside thresholds: | 19,840.176 for Dow, 1,317.4776 for Russell, 7,737.918 for Nasdaq; 60% of initial levels
|
Pricing date: | March 30
|
Settlement date: | April 5
|
Agent: | BMO Capital Markets Corp. with Wells Fargo Securities, LLC as agent for distribution
|
Fees: | 2.475%
|
Cusip: | 06368EFL1
|
|
|
© 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.