Published on 9/24/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.2 million callable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, Sept. 24 – Bank of Montreal priced $2.2 million of callable barrier notes with contingent coupons due July 28, 2026 linked to the Euro Stoxx 50 index, 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 monthly coupon equal to 9.1% per year if each asset’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be callable on any quarterly call date.
If the notes are not called, the payout at maturity will be par unless any asset finishes below its 65% 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
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| Issue: | Callable barrier notes with contingent coupons
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| Underlying assets: | Euro Stoxx 50 index, Nasdaq 100 index, Russell 2000 index
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| Amount: | $2,200,000
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| Maturity: | July 28, 2026
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| Coupon: | 9.1% per year, payable monthly if each asset’s closing level is at or above its coupon barrier level on the corresponding observation date
|
| Price: | Par
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| 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 call date
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| Initial levels: | 4,109.10 for Stoxx, 15,111.79 for Nasdaq, 2,209.649 for Russell
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| Coupon barrier levels: | 2,876.37 for Stoxx, 10,578.25 for Nasdaq, 1,546.75 for Russell; 70% of initial levels
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| Trigger levels: | 2,670.92 for Stoxx, 9,822.66 for Nasdaq, 1,436.272 for Russell; 65% of initial levels
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| Pricing date: | July 23
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| Settlement date: | July 28
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.4%
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| Cusip: | 06368ETL6
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