Published on 9/3/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $201,000 autocallable barrier notes with contingent coupon on Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Sept. 3 – Bank of Montreal priced $201,000 of autocallable barrier notes with contingent coupons due June 28, 2024 linked to the Nasdaq-100 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 6.5% per year if each index’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless either index finishes below its 70% trigger value, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
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, Russell 2000 index
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| Amount: | $201,000
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| Maturity: | June 28, 2024
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| Coupon: | 6.5% 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 plus the final coupon unless either index finishes below its trigger, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call: | At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
|
| Initial levels: | 14,345.18 for Nasdaq, 2,334.396 for Russell
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| Coupon barrier levels: | 10,041.63 for Nasdaq, | 1,634.077 for Russell; 70% of initial levels
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| Trigger levels: | 10,041.63 for Nasdaq, | 1,634.077 for Russell; 70% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.6%
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| Cusip: | 06368ENU2
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