Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $75,000 autocallable barrier notes with contingent coupon on Nasdaq
Chicago, May 11 – Bank of Montreal priced $75,000 of 0% autocallable barrier notes with contingent coupon due June 23, 2025 linked to the performance of the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 7.25% per year if the index closes at or above its coupon barrier level, 75% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called and the index finishes at or above 65% of its initial level, the payout will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying index: | Nasdaq-100 index
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Amount: | $75,000
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Maturity: | June 23, 2025
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Coupon: | 7.25% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if index finishes at or above trigger level; otherwise, lose 1% for each 1% decline of index from its initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any monthly observation date after six months
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Initial index level: | 11,593.77
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Coupon barrier: | 8,695.33; 75% of initial level
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Trigger level: | 7,535.95; 65% of initial level
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Pricing date: | June 15, 2022
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Settlement date: | June 21, 2022
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06368GV53
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