Published on 12/9/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $535,000 autocallable barrier notes with contingent coupon on three indexes
Chicago, Dec. 9 – Bank of Montreal priced $535,000 of autocallable barrier notes with contingent coupons due April 8, 2027 linked to the least performing of 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 quarterly coupon equal to 7.2% 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 automatically called at par on any quarterly observation date after six months if each index closes above its initial level.
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: | Autocallable barrier notes with contingent coupons
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| Underlying indexes: | Russell 2000 index, Euro Stoxx 50 index, S&P 500 index
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| Amount: | $535,000
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| Maturity: | April 8, 2027
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| Coupon: | 7.2% 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, loss of 1% for every 1% of decline of the worst performer from its initial level
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| Call: | Automatically at par plus any coupon due on any quarterly observation date after six months if each index closes above its initial level
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| Initial levels: | 3,917.85 for Stoxx, 2,046.043 for Russell, 4,525.12 for S&P
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| Coupon barrier levels: | 2,350.71 for Stoxx, 1,227.626 for Russell, 2,715.07 for S&P; 60% of initial levels
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| Trigger levels: | 2,350.71 for Stoxx, 1,227.626 for Russell, 2,715.07 for S&P; 60% of initial levels
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| Pricing date: | April 5
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| Settlement date: | April 8
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.35%
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| Cusip: | 06368GPM3
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