Published on 7/17/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $975,000 autocallable barrier notes with contingent coupon on Stoxx Banks, Russell
By Sarah Lizee
Olympia, Wash., July 17 – Bank of Montreal priced $975,000 of autocallable barrier notes with a contingent coupon due July 10, 2030 linked to 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 quarterly coupon equal to 12% per year if each index closes above its coupon barrier, 70% of its initial level, on the observation date that quarter.
The notes will be automatically redeemed at par plus the contingent coupon if each index close above its initial level on any quarterly call date starting Oct. 7.
If the notes are not called, the payout at maturity will be par unless the final level of either index is less than the trigger level, 60% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying indexes: | Euro Stoxx Banks, Russell 2000
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Amount: | $975,000
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Maturity: | July 10, 2030
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Coupon: | 12% per year, payable quarterly if each index closes above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par unless the final level of either index is less than the trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing index
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Call: | At par plus contingent coupon if indexes close at or above initial prices on any quarterly call date starting Oct. 7
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Initial levels: | 67.04 for Stoxx Banks, 1,478.27 for Russell
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Coupon barriers: | 46.93 for Stoxx Banks, 1,034.789 for Russell, 70% of initial levels
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Trigger levels: | 40.22 for Stoxx Banks, 886.962 for Russell, 60% of initial levels
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Pricing date: | July 15
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Settlement date: | July 20
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Agent: | BMO Capital Markets Corp.
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Fees: | 3.5%
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Cusip: | 06367WV59
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