Published on 9/25/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.18 million autocallable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, Sept. 27 – Bank of Montreal priced $1.18 million of autocallable barrier notes with contingent coupons due Sept. 21, 2026 linked to the S&P 500 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 quarterly coupon equal to 5.75% per year if each index’s closing level is at least 75% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par if each index closes above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline of the least-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
|
| Amount: | $1,175,000
|
| Maturity: | Sept. 21, 2026
|
| Coupon: | 5.75% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its trigger level, in which case 1% loss for each 1% decline of least performing index
|
| Call: | Automatically at par if each index closes above its initial level on any quarterly observation date after one year
|
| Initial levels: | 4,480.70 for S&P, 2,234.448 for Russell, 15,503.53 for Nasdaq
|
| Coupon barrier levels: | 3,360.53 for S&P, 1,675.836 for Russell, 11,627.65 for Nasdaq; 75% of initial levels
|
| Trigger levels: | 2,912.46 for S&P, 1,452.391 for Russell, 10,077.29 for Nasdaq; 65% of initial levels
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 20
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.25%
|
| Cusip: | 06368EWJ7
|
|
|
|
|
|
|
© 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.
