Published on 7/21/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.04 million autocallable cash-settled notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 21 – Bank of Montreal priced $1.04 milliom of autocallable cash-settled notes with conditional interest payments due Oct. 29, 2018 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR Euro Stoxx 50 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 9.6% if each asset closes above its 70% coupon barrier on the observation date for that month.
The notes will be called at par if each asset closes above its initial level on any monthly review date after six months.
The payout at maturity will be par unless either asset finishes below its initial level and either asset ever closes below its 70% trigger level during the life of the notes, in which case investors be fully exposed to any losses of the least performing asset.
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 assets: | Russell 2000 index, S&P 500 index, SPDR Euro Stoxx 50 ETF
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Amount: | $1,044,000
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Maturity: | Oct. 24, 2018
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Coupon: | 9.6%, payable monthly if each asset closes above its coupon barrier on the observation date
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Price: | Par of $1,000
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Payout at maturity: | Par unless either asset finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the least performing asset
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Call: | At par plus the coupon if each asset finishes above its initial level on any monthly call date after six months
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Initial levels: | 2,473.83 for S&P, 1,441.771 for Russell, $39.34 for ETF
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Barriers/triggers: | 70% of initial levels
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Pricing date: | July 19
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Settlement date: | July 24
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06367TZQ6
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