Published on 12/2/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $983,000 autocallable barrier notes with contingent coupon on Nasdaq, Stoxx
By Kiku Steinfeld
Chicago, Dec. 2 – Bank of Montreal priced $983,000 autocallable barrier notes with contingent coupons due March 31, 2027 linked to the Nasdaq-100 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes will pay a coupon equal to 12.35% per year if each index’s closing level is at least 75% of the initial level on the observation date for that period.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the final level of any index is less than 75% of the initial 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 agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying indexes: | Nasdaq-100 index and Euro Stoxx 50 index
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| Amount: | $983,000
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| Maturity: | March 31, 2027
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| Coupon: | 12.35% per year, payable quarterly if each index’s closing level is at least 75% of the initial level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless the final level of any index is less than 75% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset
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| Call: | At par plus contingent coupon if assets close at or above initial levels on any quarterly observation date after six months
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| Initial levels: | 14,987.40 for Nasdaq, 3,887.10 for Stoxx
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| Coupon barrier levels: | 11,240.55 for Nasdaq, 2,915.33 for Stoxx, 75% of initial levels
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| Trigger levels: | 11,240.55 for Nasdaq, 2,915.33 for Stoxx, 75% of initial levels
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.5%
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| Cusip: | 06368GME4
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