Published on 3/9/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $724,000 notes due 2021 on basket of 15 stocks
By Sarah Lizee
Olympia, Wash., March 9 – Bank of Montreal priced $724,000 of notes due March 12, 2021 linked to a basket of 15 equally-weighted stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Baker Hughes Co., ConocoPhillips, Chevron Corp., Concho Resources Inc., EOG Resources, Inc., Halliburton Co., Hess Corp., Kinder Morgan, Inc., Marathon Petroleum Corp., Oneok, Inc., Occidental Petroleum Corp., Phillips 66, Valero Energy Corp., Williams Cos., Inc. and Exxon Mobil Corp.
Interest is payable quarterly based on 99% of dividends paid on the sum of the dividend amounts for each of the reference shares that quarter.
For each $1,000 principal amount, the payout at maturity will be (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 99%. Because the participation rate is less than 100%, the basket level percentage must exceed 101.0101% in order for investors to receive more than par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Notes linked to Raymond James Analysts’ Best Picks for 2020
|
| Underlying stocks: | Baker Hughes Co., ConocoPhillips, Chevron Corp., Concho Resources Inc., EOG Resources, Inc., Halliburton Co., Hess Corp., Kinder Morgan, Inc., Marathon Petroleum Corp., Oneok, Inc., Occidental Petroleum Corp., Phillips 66, Valero Energy Corp., Williams Cos., Inc. and Exxon Mobil Corp.; equal weights
|
| Amount: | $724,000
|
| Maturity: | March 12, 2021
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| Coupon: | Payable quarterly based on 99% of dividends paid on the sum of the dividend amounts for each of the reference shares that quarter
|
| Price: | Par
|
| Payout at maturity: | For each $1,000 principal amount, (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 99%; basket level percentage must exceed 101.0101% in order for investors to receive more than par
|
| Initial share prices: | $16.09 for Baker, $48.42 for Conoco, $93.34 for Chevron, $68.02 for Concho, $63.26 for EOG, $16.96 for Halliburton, $56.18 for Hess, $19.17 for Kinder, $47.42 for Marathon, $66.72 for Oneok, $32.74 for Occidental, $74.86 for Phillips, $66.25 for Valero, $19.05 for Williams, $51.44 for Exxon
|
| Pricing date: | Feb. 28
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| Settlement date: | March 4
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| Agent: | BMO Capital Markets Corp.
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| Fees: | None
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| Cusip: | 06367WWS8
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