Published on 2/20/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.03 million autocallable cash-settled notes on Stoxx, two ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – Bank of Montreal priced $2.03 million of autocallable cash-settled notes with contingent interest payments due Feb. 14, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index, the iShares China Large-Cap exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
An annualized coupon of 7% will be paid if each underlying closes above its 65% coupon barrier level on any quarterly valuation date.
The notes will be called at par plus the interest payment due if each underlying closes above its initial level on any quarterly call date beginning May 11.
The payout at maturity will be par unless any underlying finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the least performing underlying.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with contingent interest payments
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| Underlying assets: | Euro Stoxx 50 index, iShares China Large-Cap exchange-traded fund and iShares MSCI Emerging Markets exchange-traded fund
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| Amount: | $2,026,000
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| Maturity: | Feb. 14, 2022
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| Coupon: | 7% annual rate, paid if each underlying closes above coupon barrier level on any quarterly valuation date
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| Price: | Par
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| Payout at maturity: | Par unless any underlying finishes below trigger level, in which case investors will be fully exposed to any losses of the least-performing asset
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| Call: | At par if each asset closes above initial level on any quarterly call date beginning May 11
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| Initial levels: | 3,825.84 for Stoxx, $44.17 for EM and $42.30 for China
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| Coupon/trigger levels: | 2,486.8 for Stoxx, $28.71 for EM and $27.50 for China, 65% of initial levels
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 14
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367WWD1
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