Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.62 million 10% cash-settled autocalls tied to Stoxx Banks, Russell
By Wendy Van Sickle
Columbus, Ohio, June 17 – Bank of Montreal priced $1.62 million of autocallable cash-settled notes with conditingent interest payments due June 11, 2030 linked to the lesser performing of the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if each index closes at or above its 60% coupon barrier level on the observation date for that month.
The notes will be called at par if each index closes at or above its initial level on any review date after three months.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors be fully exposed to any losses of the worse performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
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| Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index
|
| Amount: | $1,623,000
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| Maturity: | June 11, 2030
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| Coupon: | 10% annualized, payable monthly if each index closes at or above its 60% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below 60% trigger level, in which case investors will be fully exposed to losses of worse performing index
|
| Call: | At par plus coupon if each asset closes at or above initial level on any monthly call date after three months
|
| Initial levels: | 62.35 for Stoxx, 1,387.685 for Russell
|
| Coupon barriers: | 37.41 for Stoxx, 832.611 for Russell, 60% of initial levels
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| Trigger levels: | 37.41 for Stoxx, 832.611 for Russell, 60% of initial levels
|
| Pricing date: | June 12
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| Settlement date: | June 17
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.25%
|
| Cusip: | 06367WM75
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