Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: BMO prices $260,000 8.5% cash-settled autocalls tied to three indexes
By Susanna Moon
Chicago, April 2 – Bank of Montreal priced $260,000 of autocallable cash-settled notes with conditional interest payments due March 22, 2021 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
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
|
| Amount: | $260,000
|
| Maturity: | March 22, 2021
|
| Coupon: | 8.5% annualized, payable quarterly if each index closes at or above its 65% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| 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
|
| Call: | At par plus coupon if each asset closes at or above its initial level on any call date beginning Aug. 8, 2018
|
| Initial levels: | 2,747.33 for S&P, 1,576.618 for Russell and 3,414.13 for Stoxx
|
| Trigger levels: | 1,923.13 for S&P, 1,103.633 for Russell and 2,389.89 for Stoxx; 70% of initial levels
|
| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.625%
|
| Cusip: | 06367T4A5
|
|
|
|
|
© 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.
