Published on 12/21/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.75 million barrier autocalls with contingent coupons on Russell, Stoxx Banks
By Kiku Steinfeld
Chicago, Dec. 21 – Bank of Montreal priced $1.75 million of autocallable barrier notes with contingent coupons due Dec. 14, 2023 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7% if each index closes at or above the 70% barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial price on any quarterly observation date after six quarters.
The payout at maturity will be par unless any index finishes below the 65% final barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underliers: | Russell 2000 index and the Euro Stoxx Banks index
|
| Amount: | $1,750,000
|
| Maturity: | Dec. 14, 2023
|
| Coupon: | 7%, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call: | At par if each index closes at or above initial price on any quarterly observation date after six quarters
|
| Initial levels: | 1,902.147 for Russell 2000 and 76.96 for Stoxx Banks
|
| Barrier levels: | 1,331.503 for Russell 2000 and 53.87 for Stoxx Banks; 70% of initial levels
|
| Final barrier levels: | 1,236.396 for Russell 2000 and 50.02 for Stoxx Banks; 65% of initial levels
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.75%
|
| Cusip: | 06368EA85
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
