Published on 9/13/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $4.57 million autocallable barrier notes with contingent coupons on S&P 500
Chicago, Sept. 13 – Bank of Montreal priced $4.57 million autocallable barrier notes with a contingent coupons due Aug. 31, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 9.1% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date after one year.
If the notes have not been called, the payout at maturity will be par unless the index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the index finishes below its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying index: | S&P 500 index
|
| Amount: | $4,565,000
|
| Maturity: | Aug. 31, 2026
|
| Coupon: | 9.1% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the index finishes below its trigger level, in which case investors will lose 1% for every 1% that the index finishes below its initial level
|
| Call: | At par plus contingent coupon if the index closes at or above initial level on any quarterly observation date after one year
|
| Initial level: | 4,057.66
|
| Coupon barrier level: | 2,840.36, 70% of initial level
|
| Trigger level: | 2,840.36, 70% of initial level
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0%
|
| Cusip: | 06374V2Y1
|
|
|
© 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.
