Published on 3/15/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.14 million autocallable barrier notes with contingent coupon on S&P, Nasdaq
By Kiku Steinfeld
Chicago, March 15 – Bank of Montreal priced $1.14 million of autocallable barrier notes with contingent coupons due April 4, 2022 linked to the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 6.65% per year if each asset’s closing level is at least 65% of the initial level on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any observation date beginning in September.
If the notes are not called, the payout at maturity will be par unless either asset closes below its initial level and ever closes below 65% of its initial level, in which case investors will lose 1% for each 1% decline of the least performing asset.
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 assets: | S&P 500 index and Nasdaq-100 index
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| Amount: | $1,136,000
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| Maturity: | April 4, 2022
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| Coupon: | 6.65% per year, payable monthly if each asset’s closing level is at least 65% of the initial level on the observation date for that month
|
| Price: | Par
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| Payout at maturity: | unless either asset closes below its initial level and ever closes below 65% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset
|
| Call: | At par plus contingent coupon if assets close at or above initial levels on any observation date beginning in September
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| Initial levels: | 3,829.34 for S&P, 12,828.31 for Nasdaq
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| Coupon barrier levels: | 2,489.07 for S&P, 8,338.40 for Nasdaq, 65% of initial levels
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| Trigger levels: | 2,489.07 for S&P, 8,338.40 for Nasdaq, 65% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06368EEW8
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