Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $200,000 autocallable barrier notes with contingent coupons on two indexes
Chicago, May 20 – Bank of Montreal priced $200,000 of autocallable barrier notes with contingent coupons due Oct. 31, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 6% per year if each index’s closing level is at least 70% of its initial level on the observation date for that month.
The notes will be called at par on any monthly observation date starting Jan. 26, 2022 if each index closes at or above its initial level.
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 based on the final level from the initial level of the least-performing index.
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: | S&P 500 index, Russell 2000 index
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Amount: | $200,000
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Maturity: | Oct. 31, 2024
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Coupon: | 6% per year, payable monthly if each index’s closing level is at or above its coupon barrier level on the observation date for that month
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
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Call: | At par on any monthly observation date starting Jan. 26, 2022 if each index closes at or above its initial level
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Initial levels: | 4,551.68 for S&P, 2,252.491 for Russell
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Coupon barrier levels: | 3,186.18 for S&P, 1,576.744 for Russell; 70% of initial level
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Trigger levels: | 2,958.59 for S&P, 1,464.119 for Russell; 65% of initial levels
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Pricing date: | Oct. 27, 2021
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Settlement date: | Oct. 29, 2021
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 1%
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Cusip: | 06368EZT2
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