Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.59 million autocallable barrier notes with contingent coupon on gold ETFs
Chicago, March 28 – Bank of Montreal priced $1.59 million of autocallable barrier notes with contingent coupons due April 30, 2024 linked to the least performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 9.6% per year if each ETF’s closing level is at least 65% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each ETF closes above its initial level on any monthly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its 65% trigger value, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $1,593,000
|
| Maturity: | April 30, 2024
|
| Coupon: | 9.6% per year, payable monthly if each ETF’s closing level is at or above its coupon barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below its trigger value, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level
|
| Call: | At par plus contingent coupon if ETFs close at or above initial levels on any monthly observation date after six months
|
| Initial levels: | $34.77 for Gold Miners, $48.23 Junior Gold Miners
|
| Coupon barrier levels: | $22.60 for Gold Miners, $31.35 for Junior Gold Miners; 65% of initial levels
|
| Trigger levels: | $22.60 for Gold Miners, $31.35 for Junior Gold Miners; 65% of initial levels
|
| Pricing date: | April 29, 2021
|
| Settlement date: | May 4, 2021
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.6%
|
| Cusip: | 06368EJ37
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
