Published on 11/14/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $245,000 autocallable barrier notes with contingent coupon on indexes
By Kiku Steinfeld
Chicago, Nov. 14 – Bank of Montreal priced $245,000 of autocallable barrier notes with contingent coupons due March 18, 2027 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 monthly coupon equal to 9% per year if each index's closing level is at least 70% of its initial level on the corresponding observation date.
The notes may be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly determination date beginning in September 2022.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its 60% trigger value, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below 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, Russell 2000 index, Nasdaq-100 index
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| Amount: | $245,000
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| Maturity: | March 18, 2027
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| Coupon: | 9% 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: | Par unless any index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
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| Call: | At par plus contingent coupon if indexes close at or above initial levels on any monthly determination date beginning in September 2022
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| Initial levels: | 13,458.56 for Nasdaq, 1,968.969 for Russell, 4,262.45 for S&P
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| Coupon barrier levels: | 9,420.99 for Nasdaq, 1,378.278 for Russell, 2,983.72 for S&P; 70% of initial levels
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| Trigger levels: | 8,075.14 for Nasdaq, 1,476.727 for Russell, 3,196.84 for S&P; 60% of initial levels
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| Pricing date: | March 15, 2022
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| Settlement date: | March 18, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.25%
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| Cusip: | 06368GLE5
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