Published on 8/8/2022 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.33 million callable buffer notes with contingent coupon on Nasdaq, Stoxx
By Kiku Steinfeld
Chicago, Aug. 8 – Bank of Montreal priced $1.33 million of callable buffer notes with contingent coupons due Jan. 21, 2025 linked to the least performing of the Nasdaq-100 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest is payable monthly at an annualized rate of 8% if each index closes above its coupon barrier level, 77% of its initial level, on the related observation date.
The notes are callable at par on any quarterly observation date after six months.
If the notes are not called and the least performing index closes at or above 77% of its initial level, the payout at maturity will be par. Investors will lose 1.2987% for each 1% loss of the least performing index beyond 23% of its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable buffer notes with contingent coupons
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| Underlying indexes: | Nasdaq-100 index, Euro Stoxx 50 index
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| Amount: | $1,325,000
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| Maturity: | Jan. 21, 2025
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| Coupon: | 8% annual rate, payable monthly if each index closes above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and each index finishes at or above 77% of its initial level, par; otherwise, 1.2987% loss for each 1% that least performing index declines below buffer
|
| Call option: | At par on any quarterly observation date after six months
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| Initial levels: | 4,316.39 for Stoxx, 15,905.10 for Nasdaq
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| Coupon barrier/buffer levels: | 3,323.62 for Stoxx, 12,246.9 for Nasdaq; 77% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.1%
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| Cusip: | 06368GFP7
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