Published on 10/18/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $261,000 callable barrier notes with contingent coupon on Stoxx, Russell
By Kiku Steinfeld
Chicago, Oct. 18 – Bank of Montreal priced $261,000 of callable barrier notes with a contingent coupon due April 30, 2024 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 5.5% per year if each index closes above its trigger level, 80% of its initial level, on the observation date for that quarter.
The notes may be redeemed at par plus any contingent coupon on any quarterly call date after six months.
If the notes are not called, the payout at maturity will be par unless the final level of either index is less than the trigger 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 selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Callable barrier notes with contingent coupon
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| Underlying indexes: | Euro Stoxx 50, Russell 2000
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| Amount: | $261,000
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| Maturity: | April 30, 2024
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| Coupon: | 5.5% per year, payable quarterly if each index closes above trigger level on quarterly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless the final level of either index is less than the trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index
|
| Call option: | At par plus any contingent coupon on any quarterly call date after six months
|
| Initial levels: | 4,064.83 for Stoxx, 2,191.833 for Russell
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| Trigger levels: | 3,251.86 for Stoxx, 1,753.466 for Russell, 80% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Selling agent: | BMO Capital Markets Corp.
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| Fees: | 3.35%
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| Cusip: | 06368ERN4
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