Published on 10/26/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $36,000 autocallable barrier notes with contingent coupon on Dow, S&P, Russell
By Kiku Steinfeld
Chicago, Oct. 26 – Bank of Montreal priced $36,000 of autocallable barrier notes with contingent coupons due Jan. 31, 2023 linked to the Dow Jones industrial average, 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 quarterly coupon equal to 5.5% per year if each index’s closing level is at least 75% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and ever closes below its 75% trigger level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
|
| Amount: | $36,000
|
| Maturity: | Jan. 31, 2023
|
| Coupon: | 5.5% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its initial level and ever closes below its trigger level; otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level
|
| Call: | At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
|
| Initial levels: | 35,058.52 for Dow, 4,401.46 for S&P, 2,191.833 for Russell
|
| Coupon barrier levels: | 26,293.89 for Dow, 3,301.10 for S&P, 1,643.875 for Russell; 75% of initial levels
|
| Trigger levels: | 26,293.89 for Dow, 3,301.10 for S&P, 1,643.875 for Russell; 75% of initial levels
|
| Pricing date: | July 27
|
| Settlement date: | July 30
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.4%
|
| Cusip: | 06368ERF1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
