Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.5 million autocallable buffer notes on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., June 16 – Bank of Montreal priced $1.5 million of autocallable buffer notes with contingent coupons due June 14, 2024 linked to the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 9% if each index finishes above 80% of its initial level on the related observation date.
The notes will be automatically called at par if the least performing index closes at or above its initial index level on any monthly observation date beginning Sept. 9.
If the notes are not called and the least performing index return is above 80% of its initial level, the payout at maturity will be par. Investors will lose 1.25% for each 1% loss beyond 20%.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable buffer notes with contingent coupons
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $1.5 million
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| Maturity: | June 14, 2024
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| Coupon: | 9% annual rate, payable monthly if each index finishes above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each index finishes above 80% of its initial level, par; 1.25% loss for each 1% loss beyond 20%
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| Call: | Automatically at par if both indexes close at or above their initial level on any monthly observation date beginning Sept. 9
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| Initial levels: | 34,447.14 for Dow, 2,327.128 for Russell, 13,814.94 for Nasdaq
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| Coupon/buffer levels: | 27,557.71 for Dow, 1,861.702 for Russell, 11,051.95 for Nasdaq; 80% of initial level
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.1%
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| Cusip: | 06368EPD8
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