Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: BMO prices $5.8 million 9% autocallable barrier notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Nov. 24 – Bank of Montreal priced $5.8 million of 9% autocallable barrier notes due Feb. 24, 2023 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 paid quarterly.
The notes will be automatically redeemed at par if each 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 any index closes below its 75% trigger level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer 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: | $5,802,000
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Maturity: | Feb. 24, 2023
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Coupon: | 9%, paid quarterly
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Price: | Par
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Payout at maturity: | Par unless any index closes below its 75% trigger level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
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Call: | At par if indexes close at or above initial levels on any quarterly observation date after six months
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Initial levels: | 4,697.96 for S&P, 2,343.161 for Russell
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Trigger levels: | 3,523.47 for S&P, 1,757.371 for Russell; 75% of initial levels
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Pricing date: | Nov. 19
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Settlement date: | Nov. 24
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.75%
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Cusip: | 06368G5P8
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