Published on 8/11/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $438,000 autocallable barrier notes with contingent coupons on indexes
Chicago, Aug. 11 – Bank of Montreal priced $438,000 of autocallable barrier notes with contingent coupons due Dec. 27, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon equal to 7.25% per year if each index’s closing level is at least 75% of its initial level on the relevant observation date.
The notes will be called at par if each index closes at or above its initial level on any monthly observation date after six months.
At maturity, if the notes have not been called investors will receive par if no index closes below its 75% trigger level.
Otherwise, investors will be fully exposed to the losses of the worst performer.
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: | Russell 2000 index, S&P 500 index, Dow Jones industrial average
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| Amount: | $438,000
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| Maturity: | Dec. 27, 2024
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| Coupon: | 7.25% per year, payable monthly 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 if all indexes finish above their trigger levels; otherwise, full exposure to losses of worst performer
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| Call: | At par plus any coupon due if each index closes at or above initial level on any monthly observation date after six months
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| Initial levels: | 2,202.947 for Russell, 4,649.23 for S&P, 35,492.7 for Dow
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| Coupon barrier levels: | 1,652.21 for Russell, 3,486.92 for S&P, 26,619.53 for Dow; 75% of initial levels
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| Trigger levels: | 1,652.21 for Russell, 3,486.92 for S&P, 26,619.53 for Dow; 75% of initial levels
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| Pricing date: | Dec. 21, 2021
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| Settlement date: | Dec. 27, 2021
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.6%
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| Cusip: | 06368GAQ0
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