Published on 4/7/2021 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.5 million autocallable buffer notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, April 7 – Bank of Montreal priced $1.5 million of autocallable buffer notes with contingent coupons due March 26, 2024 linked to the Nasdaq-100 index Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent coupon at an annual rate of 9% if each asset finishes above 76% of its initial level on the related observation date.
The notes will be automatically called at par if the least performing asset closes at or above its initial index level on any monthly observation date after six months.
If the notes are not called and the least performing asset return is above 76% of its initial level, the payout at maturity will be par. Investors will lose 1.3158% for each 1% loss beyond 24%.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable buffer notes with contingent coupons
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| Underlying assets: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $1.5 million
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| Maturity: | March 26, 2024
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| Coupon: | 9% annual rate, payable monthly if each asset finishes above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each asset finishes above 76% of its initial level, par; 1.3158% loss for each 1% loss beyond 24%
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| Call: | Automatically at par if both assets close at or above their initial level on any monthly observation date after six months
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| Initial levels: | 32,423.15 for Dow, 2,185.687 for Russell, 13,017.79 for Nasdaq
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| Coupon/buffer levels: | 24,641.59 for Dow, 1,661.122 for Russell, 9,893.52 for Nasdaq, 76% of initial level
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| Pricing date: | March 23
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| Settlement date: | March 26
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.1%
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| Cusip: | 06368EHA3
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