Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.88 million autocallable buffer notes on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., June 22 – Bank of Montreal priced $1.88 million of autocallable buffer notes with contingent coupons due May 19, 2026 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 6% if each index finishes above 70% of its initial level on the related observation date.
The notes will be automatically called at par if the least performing index closes at or above its initial index level on any quarterly observation date after one year.
If the notes are not called and the least performing index return is above 70% of its initial level, the payout at maturity will be par. Investors will lose 1.4286% for each 1% loss beyond the 30% buffer.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable buffer notes with contingent coupons
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $1,883,000
|
| Maturity: | May 19, 2026
|
| Coupon: | 6% annual rate, payable quarterly if each index finishes above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | If the notes are not called and each index finishes above 70% of its initial level, par; 1.4286% loss for each 1% loss beyond 30% buffer
|
| Call: | Automatically at par if all indexes close at or above their initial level on any quarterly observation date after one year
|
| Initial levels: | 4,173.85 for S&P, 2,224.63 for Russell, 13,393.12 for Nasdaq
|
| Coupon/buffer levels: | 2,921.7 for S&P, 1,557.241 for Russell, 9,375.18 for Nasdaq; 70% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06368EM58
|
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