Published on 2/27/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $930,000 autocallable barrier notes with contingent coupon on Russell
Chicago, Feb. 27 – Bank of Montreal priced $930,000 autocallable barrier notes with a contingent coupon due May 11, 2027 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 11.75% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless the index closes below its 70% trigger level, in which case investors will lose 1% for every 1% that the 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 coupon
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Underlying index: | Russell 2000 index
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Amount: | $930,000
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Maturity: | May 11, 2027
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Coupon: | 11.75% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless the index closes below its 70% trigger level, in which case investors will lose 1% for every 1% that the index finishes below its initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any quarterly observation date after six months
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Initial level: | 1,839.565
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Coupon barrier: | 1,287.696; 70% of initial level
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Trigger level: | 1,287.696; 70% of initial level
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Pricing date: | May 6, 2022
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Settlement date: | May 11, 2022
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.75%
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Cusip: | 06368GSF5
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