Published on 11/17/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.36 million autocallable barrier notes with contingent coupon on three indexes
Chicago, Nov. 17 – Bank of Montreal priced $1.36 million of autocallable barrier notes with contingent coupons due March 9, 2027 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 quarterly coupon equal to 6.4% per year if each index’s closing level is at least 70% 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 quarterly observation date after one year.
If the notes are not called and each index finishes at or above its 70% trigger level, the payout at maturity will be par plus the final coupon, if any.
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 indexes: | Russell 2000 index, S&P 500 index, Dow Jones industrial average
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| Amount: | $1,359,000
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| Maturity: | March 9, 2027
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| Coupon: | 6.4% 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: | If all indexes finish at or above trigger level, par plus final coupon, if any; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | At par plus any coupon due if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 2,000.90 for Russell, 4,328.87 for S&P, 33,614.80 for Dow
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| Coupon barrier levels: | 1,400.63 for Russell, 3,030.21 for S&P, 23,530.36 for Dow; 70% of initial levels
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| Trigger levels: | 1,400.63 for Russell, 3,030.21 for S&P, 23,530.36 for Dow; 70% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3.75%
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| Cusip: | 06368GM46
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