Published on 11/23/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.51 million callable barrier notes with contingent coupon on indexes, ETF
By Kiku Steinfeld
Chicago, Nov. 23 – Bank of Montreal priced $1.51 million of callable barrier notes with contingent coupons due Nov. 18, 2022 linked to the VanEck Vectors Gold Miners ETF, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 12% per year if each underlier’s closing level is at least 65% of its initial level on the relevant observation date.
The notes will be callable on any monthly observation date after three months.
If the notes have not been called, the payout at maturity will be par unless any underlier closes below its 65% trigger level during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, Nasdaq-100 index, S&P 500 index
|
| Amount: | $1,509,000
|
| Maturity: | Nov. 18, 2022
|
| Coupon: | 12% per year, payable monthly if each underlier’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlier closes below its trigger level during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call option: | At par on any monthly observation date after three months
|
| Initial levels: | $31.86 for ETF, 15,136.68 for Nasdaq, 4,468.00 for S&P
|
| Coupon barrier levels: | $21.33 for ETF, 9,838.84 for Nasdaq, 2,904.20 for S&P; 65% of initial levels
|
| Trigger levels: | $21.33 for ETF, 9,838.84 for Nasdaq, 2,904.20 for S&P; 65% of initial levels
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Selling agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06368G3N5
|
© 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.
