Published on 12/4/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $683,000 autocallable barrier notes with contingent coupon on three indexes
Chicago, Dec. 5 – Bank of Montreal priced $683,000 of autocallable barrier notes with contingent coupons due March 28, 2024 linked to the least performing of the Nasdaq-100 index, the S&P 500 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 60% of its initial level on the relevant observation date.
The notes will be automatically called at par on any monthly observation date after three months if each index closes above its initial level.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 60% 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 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: | $683,000
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| Maturity: | March 28, 2024
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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: | If all indexes finish at or above trigger level, par; otherwise, loss of 1% for every 1% of decline of the worst performer from its initial level
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| Call: | Automatically at par plus any coupon due on any monthly observation date after three months if each index closes above its initial level
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| Initial levels: | 15,239.32 for Nasdaq, 2,133.096 for Russell, 4,631.60 for S&P
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| Coupon barrier levels: | 9,143.59 for Nasdaq, 1,279.858 for Russell, 2,778.96 for S&P; 60% of initial levels
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| Trigger levels: | 9,143.59 for Nasdaq, 1,279.858 for Russell, 2,778.96 for S&P; 60% of initial levels
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.6%
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| Cusip: | 06368GN78
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