Published on 1/10/2019 in the Prospect News Structured Products Daily.
New Issue: BMO prices $500,000 10.5% cash-settled autocalls tied to three indexes
By Susanna Moon
Chicago, Jan. 10 – Bank of Montreal priced $500,000 of autocallable cash-settled notes with conditional interest payments due Dec. 31, 2019 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.5% if each index closes at or above its 70% 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.
The payout at maturity will be par unless any index finishes below its 75% threshold level, in which case investors will be fully exposed to any losses of the worst 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 and Euro Stoxx 50 index
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| Amount: | $500,000
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| Maturity: | Dec. 31, 2019
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| Coupon: | 10.5% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its trigger level, in which case investors will be fully exposed to any losses of worse 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
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| Initial levels: | 1,292.086 for Russell, 2,416.62 for S&P and 3,000.61 for Stoxx
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| Barrier levels: | 904.46 for Russell, 1,691.63 for S&P and 2,100.43 for Stoxx; 70% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367WFS7
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