Published on 12/20/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $5 million 11% callable barrier notes on S&P, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., Dec. 20 – Bank of Montreal priced $5 million of callable barrier notes with contingent coupons due Dec. 20, 2022 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 11% per year.
The notes will be callable on any monthly 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 70% 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: | Callable barrier notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $5 million
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| Maturity: | Dec. 20, 2022
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| Coupon: | 11% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its 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 option: | At par on any monthly observation date after six months
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| Initial levels: | 4,709.85 for S&P, 16,289.59 for Nasdaq, 2,195.209 for Russell
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| Trigger levels: | 3,296.9 for S&P, 11,402.71 for Nasdaq, 1,536.646 for Russell; 70% of initial levels
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06368GCJ4
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