Published on 10/25/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $950,000 autocallable barrier notes with contingent coupon on funds
Chicago, Oct. 25 – Bank of Montreal priced $950,000 of 0% autocallable barrier notes with contingent coupons due March 1, 2024 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ Trust and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be pay an 8% contingent coupon on a quarterly basis if each fund closes above its 65% coupon barrier level on the related observation date.
The notes will be automatically called at par if each fund closes above its initial level on any quarterly observation date.
If the notes are not called, the payout will be par unless any fund has finished below its 65% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund 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 funds: | iShares Russell 2000 ETF, Invesco QQQ Trust and SPDR S&P 500 ETF Trust
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| Amount: | $950,000
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| Maturity: | March 1, 2024
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| Coupon: | 8% annual rate, payable quarterly if all funds close above coupon barriers on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any fund has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing fund from its initial level
|
| Call: | At par if each fund closes at or above its initial level on any quarterly observation date
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| Initial fund levels: | $198.04 for Russell, $340.49 for QQQ, $428.30 for S&P
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| Barrier levels: | $128.73 for Russell, $221.32 for QQQ, $278.40 for S&P; 65% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.8%
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| Cusip: | 06368GL54
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