Published on 4/19/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $151,000 autocallable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, April 19 – Bank of Montreal priced $151,000 of autocallable barrier notes with contingent coupons due Sept. 30, 2024 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 pay a monthly coupon equal to 6.25% per year if each index’s closing level is at least 75% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any index closes below its 75% trigger value, in which case investors will lose 1% for each 1% decline based on the final level from the initial level of the least-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
|
| Amount: | $151,000
|
| Maturity: | Sept. 30, 2024
|
| Coupon: | 6.25% per year, payable monthly if each index’s closing level is at or above its coupon barrier level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index closes below its 75% trigger value, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
|
| Call: | At par plus contingent coupon if indexes close above initial levels on any monthly observation date after six months
|
| Initial levels: | 4,443.11 for S&P, 34,869.37 for Dow, 2,281.003 for Russell
|
| Coupon barrier levels: | 3,332.33 for S&P, 26,152.03 for Dow, 1,710.752 for Russell; 75% of initial levels
|
| Trigger levels: | 3,332.33 for S&P, 26,152.03 for Dow, 1,710.752 for Russell; 75% of initial levels
|
| Pricing date: | Sept. 27, 2021
|
| Settlement date: | Sept. 30, 2021
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.6%
|
| Cusip: | 06368EWB4
|
|
|
© 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.
