Published on 6/25/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.65 million callable barrier notes with contingent coupon on indexes
By William Gullotti
Buffalo, N.Y., June 25 – Bank of Montreal priced $1.65 million of callable barrier notes with contingent coupons due May 27, 2026 linked to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 7.05% per year if each asset’s closing level is at least 75% of its initial level on the observation date for that month.
The notes will be callable on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any asset finishes below its 70% trigger level, in which case investors will lose 1% for each 1% decline based on the final level from the initial level of the least-performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
|
| Underlying assets: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
|
| Amount: | $1,648,000
|
| Maturity: | May 27, 2026
|
| Coupon: | 7.05% per year, payable quarterly if each asset’s closing level is at or above its coupon barrier level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing asset
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | 4,197.05 for S&P, 2,227.338 for Russell, 13,641.75 for Nasdaq
|
| Coupon barrier levels: | 3,147.79 for S&P, 1,670.504 for Russell, 10,231.31 for Nasdaq; 75% of initial levels
|
| Trigger levels: | 2,937.94 for S&P, 1,559.137 for Russell, 9,549.23 for Nasdaq; 70% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 27
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.6%
|
| Cusip: | 06368EMX7
|
|
|
© 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.
