Published on 9/1/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $11.57 million autocallable barrier notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – Bank of Montreal priced $11.57 million of 11.78% autocallable barrier notes due June 2, 2021 linked to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any monthly observation date starting in November.
If the notes are not called, the payout at maturity will be par unless the final level of either asset is less than 70% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes
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| Underlying assets: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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| Amount: | $11,573,000
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| Maturity: | June 2, 2021
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| Coupon: | 11.78%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless the final level of either asset is less than trigger 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 monthly observation date starting in November
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| Initial levels: | 11,995.85 for Nasdaq, 3,508.01 for S&P, 1,578.343 for Russell
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| Trigger levels: | 8,397.095 for Nasdaq, 2,455.61 for S&P, 1,104.84 for Russell, 70% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367W3B7
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