Published on 3/6/2024 in the Prospect News Structured Products Daily.
New Issue: BMO prices $6.02 million step-down autocallable barrier notes with step-up call on S&P
By William Gullotti
Buffalo, N.Y., March 6 – Bank of Montreal priced $6.02 million of 0% step-down autocallable barrier notes with step-up call amount due Feb. 7, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an 8.3% annualized premium if the index closes at or above its call level on any quarterly valuation date after one year. The call level is equal to the initial level for each observation date except for the final, where it will be equal to the 70% barrier level.
If the notes are not called at maturity, investors will lose 1% for every 1% that the index declines from its initial level.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Step-down autocallable barrier notes with step-up call amount
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Underlying index: | S&P 500 index
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Amount: | $6,021,000
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Maturity: | Feb. 7, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the notes are not called, 1% loss for every 1% that index finishes below initial level
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Call: | At par plus 8.3% annualized premium if the index closes at or above call level on any quarterly valuation date after one year; call level is equal to the initial level for each observation date except for the final, where it will be equal to the barrier level
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Initial level: | 4,958.61
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Barrier level: | 3,471.03; 70% of initial level
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Pricing date: | Feb. 2
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Settlement date: | Feb. 7
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Selling agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06375MU78
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