Published on 7/13/2021 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.84 million callable barrier notes with contingent coupon on indexes, ETF
By William Gullotti
Buffalo, N.Y., July 13 – Bank of Montreal priced $1.84 million of callable barrier notes with contingent coupons due July 15, 2024 linked to the iShares MSCI Emerging Markets ETF, the Nasdaq-100 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 9% per year if each underlier’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be callable on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any underlier finishes below its 70% trigger level, in which case 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: | Callable barrier notes with contingent coupons
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Underlying assets: | iShares MSCI Emerging Markets ETF, Nasdaq-100 index, Russell 2000 index
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Amount: | $1,835,000
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Maturity: | July 15, 2024
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Coupon: | 9% per year, payable monthly if each underlier’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 unless any underlier finishes below its trigger level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | $52.64 for ETF, 14,722.14 for Nasdaq, 2,231.677 for Russell
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Coupon barrier levels: | $36.85 for ETF, 10,305.5 for Nasdaq, 1,562.174 for Russell; 70% of initial levels
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Trigger levels: | $36.85 for ETF, 10,305.5 for Nasdaq, 1,562.174 for Russell; 70% of initial levels
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Pricing date: | July 8
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Settlement date: | July 13
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.1%
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Cusip: | 06368ES29
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