Published on 10/10/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.13 million callable barrier notes with contingent coupon on three indexes
By Kiku Steinfeld
Chicago, Oct. 10 – Bank of Montreal priced $1.13 million of callable barrier notes with contingent coupons due Feb. 25, 2027 linked to the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 12% per year if each index’s closing level is at least 60% of its initial level on the relevant observation date.
The notes are callable at par on any quarterly observation date.
If the notes are not called, the payout at maturity will be par if each index finishes at or above its 60% 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: | Euro Stoxx 50 index, S&P 500 index, Russell 2000 index
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| Amount: | $1.13 million
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| Maturity: | Feb. 25, 2027
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| Coupon: | 12% 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
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| Initial levels: | 4,113.19 for Stoxx, 4,380.26 for S&P, 2,028.092 for Russell
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| Coupon barrier levels: | 2,467.91 for Stoxx, 2,628.16 for S&P, 1,216.855 for Russell, 60% of initial levels
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| Trigger levels: | 2,467.91 for Stoxx, 2,628.16 for S&P, 1,216.855 for Russell; 60% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 25
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 06368GKS5
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