Published on 6/13/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.35 million callable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, June 13 – Bank of Montreal priced $1.35 million of callable barrier notes with contingent coupons due Nov. 27, 2026 linked to the least performing of the Euro Stoxx 50 index, 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 6.6% per year if each index’s closing level is at least 60% of its initial level on the relevant observation date.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par.
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: | Euro Stoxx 50 index, Nasdaq-100 index, S&P 500 index
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Amount: | $1.35 million
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Maturity: | Nov. 27, 2026
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Coupon: | 6.6% 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: | If all indexes finish at or above trigger level, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 16,573.34 for Nasdaq, 4,356.47 for Stoxx, 4,697.96 for S&P
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Coupon barriers: | 9,944.00 for Nasdaq, 2,613.88 for Stoxx, 2,818.78 for S&P; 60% of initial levels
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Trigger levels: | 9,944.00 for Nasdaq, 2,613.88 for Stoxx, 2,818.78 for S&P; 60% of initial levels
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Pricing date: | Nov. 19, 2021
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Settlement date: | Nov. 24, 2021
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 06368G6F9
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