Published on 10/2/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $178,000 12.5% contingent cash-settled autocallables tied to funds
By Susanna Moon
Chicago, Oct. 2 – Bank of Montreal priced $178,000 of autocallable cash-settled notes with conditional interest payments due Sept. 30, 2021 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, the VanEck Vectors Gold Miners ETF and the SPDR S&P Metals & Mining ETF, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each fund closes at or above its 60% coupon barrier on the review date for that quarter.
The notes will be called at par plus the coupon if each fund closes above the initial level on any call date beginning March 26, 2018.
The payout at maturity will be par unless any fund finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with fixed interest payments
|
| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF, the VanEck Vectors Gold Miners ETF and the SPDR S&P Metals & Mining ETF
|
| Amount: | $178,000
|
| Maturity: | Sept. 30, 2021
|
| Coupon: | 12.5%, payable quarterly if each fund closes at or above its 60% coupon barrier on the review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below trigger, in which case full exposure to any losses of worst performing fund
|
| Call: | At par plus the coupon if fund finishes above its initial level on any call date beginning March 26, 2018
|
| Initial levels: | $34.12 for oil fund, $23.35 for gold fund and $31.73 for metals fund
|
| Trigger levels: | $20.47 for oil fund, $14.01 for gold fund and $19.04 for metals fund, 60% of initial levels
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.1%
|
| Cusip: | 06367TD80
|
|
|
|
|
© 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.
