Published on 2/10/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.09 million autocallable barrier notes with contingent coupons on indexes
Chicago, Feb. 10 – Bank of Montreal priced $2.09 million of autocallable barrier notes with contingent coupons due Feb. 4, 2027 linked to the least performing of the Nasdaq-100 index, the Euro Stoxx 50 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 8.75% per year if each index’s closing level is at least 60% 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 at or above 90% of its initial level on any monthly observation date after six months.
If the notes are not called and each index finishes at or above 50% trigger level, the payout will be par. 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: | Nasdaq-100 index, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $2,092,000
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Maturity: | Feb. 4, 2027
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Coupon: | 8.75% 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 three indexes close above 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 indexes close at or above 90% of initial levels on any monthly observation date after six months
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Initial levels: | 12,854.80 for Nasdaq, 1,864.103 for Russell, 3,802.86 for Stoxx
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Coupon barrier levels: | 7,712.88 for Nasdaq, 1,118.462 for Russell, 2,281.72 for Stoxx; 60% of initial levels
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Trigger levels: | 6,427.40 for Nasdaq, 932.052 for Russell, 1,901.43 for Stoxx; 50% of initial levels
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Pricing date: | April 29, 2022
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Settlement date: | May 4, 2022
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.5%
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Cusip: | 06368GRX7
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