Published on 9/18/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $60,000 autocallable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, Sept. 19 – Bank of Montreal priced $60,000 of autocallable barrier notes with contingent coupons due Jan. 29, 2027 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 monthly coupon equal to 8% 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 called at par if each index’s closing level is at or above its initial level on any monthly observation date after six months.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
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: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $60,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | 8% per year, payable monthly 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, lose 1% for every 1% decline of the worst performer from its initial level
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| Call: | At par if each index’s closing level is at or above its initial level on any monthly observation date after six months
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| Initial levels: | 14,003.11 for Nasdaq, 1,931.288 for Russell, 4,326.51 for S&P
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| Coupon barrier levels: | 9,802.18 for Nasdaq, 1,351.902 for Russell, 3,028.56 for S&P; 70% of initial levels
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| Trigger levels: | 8,401.87 for Nasdaq, 1,158.773 for Russell, 2,595.91 for S&P; 60% of initial levels
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| Pricing date: | Jan. 27
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| Settlement date: | Jan. 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.4%
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| Cusip: | 06368GG43
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