Published on 9/15/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $10.42 million autocallable barrier notes with contingent coupon on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Bank of Montreal priced $10.42 million of 8.25% autocallable barrier notes due Dec. 15, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus the coupon if each index closes 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 plus the final coupon unless either index closes below its 75% trigger value during the life of the notes and either 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.
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 index, Russell 2000 index
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| Amount: | $10,419,000
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| Maturity: | Dec. 15, 2022
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| Coupon: | 8.25%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless either index closes below its trigger value during the life of the notes and either 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
|
| Call: | At par plus coupon if indexes close above initial levels on any quarterly observation date after six months
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| Initial levels: | 4,458.58 for S&P, 2,227.546 for Russell
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| Trigger levels: | 3,343.94 for S&P, | 1,670.66 for Russell; 75% of initial levels
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.6%
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| Cusip: | 06368EWH1
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