Published on 4/27/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.41 million callable barrier notes with contingent coupon on indexes, ETF
By William Gullotti
Buffalo, N.Y., April 27 – Bank of Montreal priced $1.41 million of callable barrier notes with contingent coupons due July 27, 2023 linked to the VanEck Vectors Gold Miners 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 monthly coupon equal to 17.75% per year if each underlier’s closing level is at least 65% of its initial level on the relevant observation date.
The notes will be callable on any monthly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless any underlier closes below its 65% trigger level during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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 assets: | VanEck Vectors Gold Miners ETF, Nasdaq-100 index, Russell 2000 index
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Amount: | $1,414,000
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Maturity: | July 27, 2023
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Coupon: | 17.75% per year, payable monthly 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 unless any underlier closes below its trigger level during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
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Call option: | At par on any monthly observation date after six months
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Initial levels: | $36.94 for ETF, 13,356.87 for Nasdaq, 1,940.665 for Russell
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Coupon barrier levels: | $24.01 for ETF, 8,681.97 for Nasdaq, 1,261.432 for Russell; 65% of initial levels
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Trigger levels: | $24.01 for ETF, 8,681.97 for Nasdaq, 1,261.432 for Russell; 65% of initial levels
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Pricing date: | April 22
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Settlement date: | April 27
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06368GQX8
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