Published on 2/20/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $250,000 autocallable cash-settled notes on three indexes
By Marisa Wong
Morgantown, W.Va., Feb. 20 – Bank of Montreal priced $250,000 of autocallable cash-settled notes with conditional interest payments due Feb. 14, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually at an annual rate of 6.8% if each index closes at or above its 60% coupon barrier level on the applicable semiannual observation date.
The notes will be called at par if each index closes at or above its initial level on any semiannual review date.
The payout at maturity will be par unless any index finishes below its 60% trigger level, in which case investors be fully exposed to any losses of the least performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
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| Amount: | $250,000
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| Maturity: | Feb. 14, 2020
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| Coupon: | 6.8% per year, payable semiannually if each index closes at or above its coupon barrier on related semiannual observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will be fully exposed to any losses of the least performing index
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| Call: | At par plus the coupon if each asset closes at or above its initial level on any semiannual call date
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| Initial levels: | 2,619.55 for S&P, 1,477.836 for Russell and 3,325.99 for Euro Stoxx
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| Coupon barriers: | 1,571.73 for S&P, 886.702 for Russell and 1,995.59 for Euro Stoxx; 60% of initial levels
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| Trigger levels: | 1,571.73 for S&P, 886.702 for Russell and 1,995.59 for Euro Stoxx; 60% of initial levels
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 14
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.75%
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| Cusip: | 06367T2S8
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