Published on 11/16/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $266,000 autocallable buffer notes with contingent coupons on S&P
Chicago, Nov. 16 – Bank of Montreal priced $266,000 of autocallable buffer notes with contingent coupons due July 27, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 6.3% if the index closes at or above 80% of its initial level on the related observation date.
The notes will be automatically called at par plus the coupon if the index closes at or above its initial level on any monthly call observation date starting after six months.
If the notes are not called and the index finishes at or above 80% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% loss beyond 20%.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable buffer notes with contingent coupons
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| Underlying index: | S&P 500 index
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| Amount: | $266,000
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| Maturity: | July 27, 2026
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| Coupon: | 6.3% annual rate, payable monthly if the index closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and the index finishes at or above 80% of its initial level, par plus final coupon; otherwise, 1% loss for each 1% loss beyond 20%
|
| Call: | Automatically at par plus coupon if the index closes at or above initial level on any monthly observation date after six months
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| Initial level: | 3,752.75
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| Coupon barrier level: | 3,002.20, 80% of initial level
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| Buffer level: | 3,002.20, 80% of initial level
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| Pricing date: | Oct. 21, 2022
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| Settlement date: | Oct. 26, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06374VAT3
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