Published on 10/18/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $208,000 autocallable barrier notes with contingent coupon on Nasdaq, Russell
By Kiku Steinfeld
Chicago, Oct. 18 – Bank of Montreal priced $208,000 of autocallable barrier notes with contingent coupons due July 31, 2024 linked to the Nasdaq-100 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 6.5% per year if each index’s closing level is at least 75% of its initial level on the corresponding observation date.
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 have not been called, the payout at maturity will be par unless either index closes below its 75% trigger value, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
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 indexes: | Nasdaq-100 index and the Russell 2000 index
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| Amount: | $208,000
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| Maturity: | July 31, 2024
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| Coupon: | 6.5% 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
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| Payout at maturity: | Par unless either index closes below its trigger value, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call: | At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
|
| Initial levels: | 14,956.97 for Nasdaq, 2,191.833 for Russell
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| Coupon barrier levels: | 11,217.73 for Nasdaq, 1,643.875 for Russell; 75% of initial levels
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| Trigger levels: | 11,217.73 for Nasdaq, 1,643.875 for Russell; 75% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.6%
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| Cusip: | 06368ERK0
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