Published on 7/26/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.69 million callable barrier notes with contingent coupon on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 26 – Bank of Montreal priced $1.69 million of callable barrier notes with contingent coupons due July 19, 2027 linked to the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 6.05% per year if each index’s closing level is at least 60% of its initial level on the relevant observation date.
The notes will be callable on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 60% 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
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| Issue: | Callable barrier notes with contingent coupons
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| Underlying indexes: | Euro Stoxx 50 index, S&P 500 index, Russell 2000 index
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| Amount: | $1.69 million
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| Maturity: | July 19, 2027
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| Coupon: | 6.05% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the relevant observation date
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| Price: | Par
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| 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
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| Call option: | At par on any quarterly observation date
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| Initial levels: | 4,099.5 for Stoxx, 4,374.3 for S&P, 2,190.293 for Russell
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| Coupon barrier levels: | 2,459.7 for Stoxx, 2,624.58 for S&P, 1,312.415 for Russell; 60% of initial levels
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| Trigger levels: | 2,459.7 for Stoxx, 2,624.58 for S&P, 1,312.415 for Russell; 60% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 06368ESL7
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