Published on 5/27/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.05 million autocallable barrier notes with step-up call on indexes
By Wendy Van Sickle
Columbus, Ohio, May 27 – Bank of Montreal priced $1.05 million of 0% autocallable barrier notes with step-up call amount due May 7, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized call premium of 7.5% if each index closes above its initial level on any quarterly observation date beginning on May 4, 2022.
If the notes are not called, the payout at maturity will be par unless the final level of any index is less than 70% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with step-up call amount
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $1.05 million
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| Maturity: | May 7, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If not called, par unless the final level of any index is less than trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index
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| Call: | At par plus 7.5% annualized premium if all indexes finish above their initial levels on any quarterly observation date beginning May 4, 2022; includes maturity date
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| Initial levels: | 2,248.286 for Russell, | 4,164.66 for S&P, 13,544.67 for Nasdaq
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| Trigger levels: | 1,573.8 for Russell, 2,915.26 for S&P, 9,481.27 for Nasdaq; 70% of initial levels
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| Pricing date: | May 4
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| Settlement date: | May 7
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3.625%
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| Cusip: | 06368ELK6
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