Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.17 million autocallable barrier notes on indexes
By Taylor Fox
New York, Dec. 7 – Bank of Montreal priced $2.17 million of 0% autocallable barrier notes with step-up call amount due Nov. 28, 2025 linked to the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized 8.5% premium if all indexes finish above their initial levels on any quarterly observation date starting after six months.
If the notes are not called, the payout at maturity will be par plus any coupon due unless the final level of either index is less than 60% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with step-up call
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $2,171,000
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| Maturity: | Nov. 28, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless the final level of either index is less than 60% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index
|
| Call: | At par plus annualized premium of 8.5% if each index finishes above initial level on any quarterly observation date starting after six months
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| Initial levels: | 3,635.41 for S&P, 1,853.532 for Russell, 30,046.24 for Dow
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| Trigger levels: | 2,181.25 for S&P, 1,112.119 for Russell, 18,027.74 for Dow, 60% of initial levels
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| Pricing date: | Nov.24
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| Settlement date: | Nov. 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3.75%
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| Cusip: | 06368E4H2
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