Published on 11/23/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $6 million autocallable barrier notes with contingent coupon on indexes, ETF
By William Gullotti
Buffalo, N.Y., Nov. 23 – Bank of Montreal priced $6 million of autocallable barrier notes with contingent coupons due Nov. 13, 2023 linked to the iShares MSCI EAFE ETF, 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 10.4% per year if each underlier’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each underlier closes above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon if each underlier finishes at or above its 70% trigger level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from 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 assets: | iShares MSCI EAFE ETF, Russell 2000 index, Nasdaq-100 index
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| Amount: | $6 million
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| Maturity: | Nov. 13, 2023
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| Coupon: | 10.4% per year, payable quarterly if each underlier’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 plus the final coupon if each underlier finishes at or above its 70% trigger level; otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level
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| Call: | At par plus contingent coupon if each underlier closes at or above initial levels on any quarterly observation date
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| Initial levels: | $81.82 for ETF, 2,442.742 for Russell, 16,336.03 for Nasdaq
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| Coupon barrier levels: | $57.27 for ETF, 1,709.919 for Russell, 11,435.22 for Nasdaq; 70% of initial levels
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| Trigger levels: | $57.27 for ETF, 1,709.919 for Russell, 11,435.22 for Nasdaq; 70% of initial levels
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| Pricing date: | Nov. 8
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| Settlement date: | Nov. 12
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| Agent: | BMO Capital Markets Corp.
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| Fees: | None
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| Cusip: | 06368G4T1
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