Published on 2/16/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $17.96 million callable barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Bank of Montreal priced $17.96 million of callable barrier notes due Feb. 16, 2023 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon equal to 11.31% per year.
The notes will be callable on any monthly observation date after six months.
If each index finishes at or above its initial level or no index has ever closed below its 70% trigger level any day during the life of the notes, the payout at maturity will be par. 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: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $17,961,000
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| Maturity: | Feb. 16, 2023
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| Coupon: | 11.31% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level or no index has ever closed below 70% trigger level any day during life of notes, par; otherwise, 1% loss for every 1% decline of the worst performer from its initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after six months
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| Initial levels: | 4,418.64 for S&P, 14,253.84 for Nasdaq, 2,030.146 for Russell
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| Trigger levels: | 3,093.05 for S&P, 9,977.69 for Nasdaq, 1,421.102 for Russell; 70% of initial levels
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 16
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06368GHD2
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