Published on 11/1/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $3.19 million barrier notes with contingent coupons on Stoxx, Russell
Chicago, Nov. 1 – Bank of Montreal priced $3.19 million of autocallable barrier notes with contingent coupons due March 31, 2028 linked to the Euro Stoxx 50 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 7.25% 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 plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon if each index closes at or above its 60% trigger level. Otherwise, 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: | Euro Stoxx 50 index, Russell 2000 index
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Amount: | $3,191,000
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Maturity: | March 31, 2028
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Coupon: | 7.25% 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 if each index finishes at or above the trigger level; otherwise, investors will lose 1% for each 1% decline from the initial level of the least-performing index
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Call: | At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
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Initial levels: | 3,866.68 for Stoxx, 2,221.482 for Russell
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Coupon barrier levels: | 2,900.01, 7 for Stoxx, 1,666.112 for Russell; 75% of initial levels
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Trigger levels: | 2,320.01 for Stoxx, 1,332.889 for Russell; 60% of initial levels
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 3%
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Cusip: | 06368EGS5
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