Published on 9/7/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.42 million callable barrier notes with contingent coupon on indexes, ETF
By William Gullotti
Buffalo, N.Y., Sept. 7 – Bank of Montreal priced $2.42 million of callable barrier notes with contingent coupons due Dec. 1, 2022 linked to the VanEck Vectors Gold Miners ETF, 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 monthly coupon equal to 12.35% per year if each underlier’s closing level is at least 65% of its initial level on the relevant observation date.
The notes will be callable on any monthly observation date after six months.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless any underlier closes below its 65% trigger value during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, S&P 500 index, Russell 2000 index
|
| Amount: | $2,418,000
|
| Maturity: | Dec. 1, 2022
|
| Coupon: | 12.35% per year, payable monthly if each underlier’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless any underlier closes below its trigger value during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
|
| Call option: | At par on any monthly observation date after six months
|
| Initial levels: | $32.61 for ETF, 4,509.37 for S&P, 2,277.151 for Russell
|
| Coupon barrier levels: | $21.20 for ETF, 2,931.09 for S&P, 1,480.148 for Russell; 65% of initial levels
|
| Trigger levels: | $21.20 for ETF, 2,931.09 for S&P, 1,480.148 for Russell; 65% of initial levels
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 1
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06368EVM1
|
|
|
© 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.
