Published on 5/28/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.76 million cash-settled autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 28 – Bank of Montreal priced $1.76 million of autocallable cash-settled notes with contingent interest payments due May 21, 2030 linked to the least performing of the Russell 2000 index and the SPDR Dow Jones industrial average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 10% if each asset closes at or above its 75% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly review date beginning Aug. 18.
The payout at maturity will be par unless either asset finishes below its trigger level, 50% of its initial level, 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 contingent interest payments
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| Underlying assets: | Russell 2000 index, SPDR Dow Jones industrial average ETF
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| Amount: | $1,758,000
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| Maturity: | May 21, 2030
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| Coupon: | 10%, payable each month that each asset closes at or above coupon barrier on observation date for that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any asset finishes below its trigger level, in which case full exposure to any losses of the least performing asset
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| Call: | At par if each asset closes at or above its initial level on any monthly call date beginning Aug. 18
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| Initial levels: | 1,355.531 for Russell, $244.88 for ETF
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| Coupon barriers: | 948.872 for Russell, $171.42 for ETF; 75% of initial levels
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| Trigger levels: | 677.766 for Russell, $122.44 for ETF; 50% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 28
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 4%
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| Cusip: | 06367WG80
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