Published on 6/22/2023 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $32,000 autocallable barrier notes linked to S&P
By Angela McDaniels
Tacoma, Wash., June 22 – Bank of Montreal priced $32,000 of autocallable barrier notes with contingent coupons due July 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning in January 2023, the notes will be automatically called at par if the index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the index’s final level is less than its trigger level, 65% of its initial level, in which case investors will lose 1% for every 1% that the index declines 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 index: | S&P 500
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| Amount: | $32,000
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| Maturity: | July 31, 2024
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| Coupon: | 7% per year, payable quarterly if index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless index’s final level is less than trigger level, in which case exposure to index’s decline
|
| Call: | Beginning in January 2023, automatically at par if index closes at or above initial level on any quarterly observation date
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| Initial index level: | 3,921.05
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| Coupon barrier level: | 2,744.74, or 70% of initial level
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| Trigger level: | 2,548.68, or 65% of initial level
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| Pricing date: | July 26, 2022
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| Settlement date: | July 29, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2%
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| Cusip: | 06368GWB9
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