Published on 6/10/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.07 million autocallable barrier notes with contingent coupons on indexes
By Wendy Van Sickle
Columbus, Ohio, June 10 – Bank of Montreal priced $2.07 million of autocallable barrier notes with contingent coupons due May 20, 2026 linked to the least performing of the Euro Stoxx 50 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes will pay a coupon equal to 9% per year if each index’s closing level is at least 75% of its initial level on the observation date for that quarter.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 75% trigger level, in which case investors will lose 1% for each 1% decline based on the final level from the initial level of the least-performing index.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
|
Issue: | Autocallable barrier notes with contingent coupons
|
Underlying indexes: | Euro Stoxx 50 index, Nasdaq 100 index and Russell 2000 index
|
Amount: | $2,069,000
|
Maturity: | May 20, 2026
|
Coupon: | 9% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
|
Call: | At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
|
Initial levels: | 4,006.84 for Euro Stoxx, 13,312.91 for Nasdaq, 2,227.119 for Russell
|
Coupon barrier levels: | 3,005.13 for Euro Stoxx, 9,984.68 for Nasdaq, 1,670.339 for Russell; 75% of initial levels
|
Trigger levels: | 3,005.13 for Euro Stoxx, 9,984.68 for Nasdaq, 1,670.339 for Russell; 75% of initial levels
|
Pricing date: | May 17
|
Settlement date: | May 20
|
Agent: | BMO Capital Markets Corp.
|
Fees: | 2.35%
|
Cusip: | 06368EM90
|
|
© 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.