Published on 1/20/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $19.62 million callable barrier notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Jan. 20 – Bank of Montreal priced $19.62 million of 11.13% callable barrier notes due Jan. 20, 2023 linked to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be callable on any monthly observation date starting July 15, 2022.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 70% trigger level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from 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, Russell 2000 index, Nasdaq-100 index
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Amount: | $19,622,000
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Maturity: | Jan. 20, 2023
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Coupon: | 11.13% per year, payable monthly
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Price: | Par
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Payout at maturity: | If all indexes finish at or above trigger level, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | At par on any monthly observation date starting July 15, 2022
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Initial levels: | 4,662.85 for S&P, 2,162.456 for Russell, 15,611.59 for Nasdaq
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Trigger levels: | 3,264. for S&P, 1,513.719 for Russell, 10,928.11 for Nasdaq; 70% of initial levels
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Pricing date: | Jan. 14
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Settlement date: | Jan. 20
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06368GE52
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