Published on 7/16/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $5.16 million autocallable barrier notes with contingent coupon on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 16 – Bank of Montreal priced $5.16 million of autocallable barrier notes with contingent coupons due July 16, 2024 linked to the Nasdaq-100 index, the Dow Jones industrial average 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 9% per year if each index’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be automatically called at par if each index closes above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any index 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 index.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupons
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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Amount: | $5,162,000
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Maturity: | July 16, 2024
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Coupon: | 9% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its 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: | Automatically at par if each index closes above its initial level on any quarterly observation date
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Initial levels: | 14,874.54 for Nasdaq, 34,888.79 for Dow, 2,238.864 for Russell
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Coupon barrier levels: | 10,412.18 for Nasdaq, | 24,422.15 for Dow, 1,567.205 for Russell; 70% of initial levels
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Trigger levels: | 10,412.18 for Nasdaq, | 24,422.15 for Dow, 1,567.205 for Russell; 70% of initial levels
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Pricing date: | July 13
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Settlement date: | July 16
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.3%
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Cusip: | 06368ESJ2
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