Published on 11/19/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $3.43 million 8.15% autocallable barrier notes on S&P, Russell
By Taylor Fox
New York, Nov. 19 – Bank of Montreal priced $3.43 million of 8.15% autocallable barrier notes due Feb. 4, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically redeemed at par if each index close above its initial level on any quarterly call date starting April 29, 2021.
If the notes are not called, the payout at maturity will be par unless the final level of either index is less than the trigger level, 75% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $3,430,000
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Maturity: | Feb. 4, 2022
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Coupon: | 8.15%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless the final level of either index is less than the 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 if indexes close at or above initial prices on any quarterly call date starting April 29, 2021
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Initial prices: | 3,269.96 for S&P, 1,538.479 for Russell
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Trigger prices: | 2,452.47 for S&P, 1,153.859 for Russell, 75% of initial prices
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.75%
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Cusip: | 06368E2D3
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