Published on 10/24/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.04 million callable barrier notes with contingent coupon on three indexes
Chicago, Oct. 24 – Bank of Montreal priced $1.04 million of callable barrier notes with contingent coupons due Feb. 25, 2027 linked to the Dow Jones industrial average, 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 contingent quarterly coupon equal to 9% per year if each index’s closing level is at least 75% of its initial level on the relevant observation date.
The notes are callable at par on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 66% 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 with contingent coupons
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| Underlying indexes: | Dow Jones industrial average, the Nasdaq-100 index, S&P 500 index
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| Amount: | $1,035,000
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| Maturity: | Feb. 25, 2027
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| Coupon: | 9% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above its trigger level; 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 quarterly observation date after one year
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| Initial levels: | 33,596.61 for Dow, 13,870.53 for Nasdaq, 4,304.76 for S&P
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| Coupon barrier levels: | 25,197.46 for Dow, 10,402.9 for Nasdaq, 3,228.57 for S&P; 75% of initial levels
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| Trigger levels: | 22,173.76 for Dow, 9,154.55 for Nasdaq, 2,841.14 for S&P; 66% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 25
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0%
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| Cusip: | 06368GKM8
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