Published on 2/28/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.11 million 8.5% cash-settled autocalls on three indexes
By Susanna Moon
Chicago, Feb. 28 – Bank of Montreal priced $1.11 million of autocallable cash-settled notes with conditional interest payments due Feb. 13, 2023 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 quarterly at an annual rate of 8.5% if each index closes at or above its 65% coupon barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless any index finishes below its 65% 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: | $1,105,000
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Maturity: | Feb. 13, 2023
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Coupon: | 8.5% annualized, payable quarterly if each index closes at or above its 65% coupon barrier on observation date for that quarter
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Price: | Par
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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 coupon if each asset closes at or above its initial level on any call date beginning Aug. 8, 2018
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Initial levels: | 2,581 for S&P, 1,463.793 for Russell and 2,195.25 for Stoxx
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Trigger levels: | 1,677.65 for S&P, 951.465 for Russell and 2,195.25 for Stoxx; 65% of initial levels
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Pricing date: | Feb. 8
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Settlement date: | Feb. 13
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.25%
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Cusip: | 06367T2Q2
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