Published on 2/28/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $11.11 million autocallable cash-settled notes on S&P, Stoxx Banks
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Bank of Montreal priced $11.11 million of autocallable cash-settled notes with contingent interest payments due Feb. 28, 2030 linked to the least performing of the S&P 500 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
An annualized coupon of 10% will be paid if each underlying closes above its 70% coupon barrier level on any monthly valuation date.
The notes will be called at par plus the interest payment due if each underlying closes above its initial level on any monthly call date after two years.
The payout at maturity will be par unless either underlying finishes below its 50% 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
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
|
| Underlying assets: | S&P 500 index, Euro Stoxx Banks index
|
| Amount: | $11,114,000
|
| Maturity: | Feb. 28, 2030
|
| Coupon: | 10% annual rate, paid if each underlying closes above coupon barrier level on any monthly valuation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying finishes below trigger level, in which case investors will be fully exposed to any losses of the least-performing asset
|
| Call: | At par if each asset closes above initial level on any monthly call date after two years
|
| Initial levels: | 3,116.39 for S&P, 91.56 for Stoxx
|
| Coupon barriers: | 2,181.47 for S&P, 64.09 for Stoxx, 70% of initial levels
|
| Trigger levels: | 1,558.2 for S&P, 45.78 for Stoxx, 50% of initial levels levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 28
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 4.7%
|
| Cusip: | 06367WVU4
|
|
|
© 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.
