Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.64 million autocallable barrier notes with contingent coupon on indexes
Chicago, May 18 – Bank of Montreal priced $1.64 million of autocallable barrier notes with contingent coupons due Oct. 31, 2025 linked to the least performing of 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 contingent quarterly coupon equal to 6.5% per year if each index’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be automatically called at par on any quarterly observation date after six months if all indexes close at or above their initial levels.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 70% trigger level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $1,643,000
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| Maturity: | Oct. 31, 2025
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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: | If all indexes finish at or above trigger level, par; otherwise, 1% loss for every 1% decline of the worst performer from its initial level
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| Call: | At par on any quarterly observation date after six months if indexes close at or above their initial levels
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| Initial levels: | 4,574.79 for S&P, 15,559.49 for Nasdaq, 2,296.075 for Russell
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| Coupon barrier levels: | 3,202.35 for S&P, 10,891.64 for Nasdaq, 1,607.252 for Russell; 70% of initial levels
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| Trigger levels: | 3,202.35 for S&P, 10,891.64 for Nasdaq, 1,607.252 for Russell; 70% of initial levels
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.552%
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| Cusip: | 06368EZK1
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