Published on 7/13/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $26,000 autocallable barrier notes on SPDR Dow ETF, Nasdaq
By Marisa Wong
Los Angeles, July 13 – Bank of Montreal priced $26,000 of autocallable barrier notes with a contingent coupon due July 30, 2021 linked to the SPDR Dow Jones industrial average exchange-traded fund and the Nasdaq 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at a rate of 6.1% per year if each underlying closes above its coupon barrier, 75% of its initial level, on the observation date that month.
The notes will be automatically redeemed at par plus the contingent coupon if each underlying closes above its initial level on any monthly call date starting Dec. 28.
If the notes are not called, the payout at maturity will be par unless the final level of either underlying is less than the 75% trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset.
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 assets: | SPDR Dow Jones industrial average ETF, Nasdaq 100 index
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| Amount: | $26,000
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| Maturity: | July 30, 2021
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| Coupon: | 6.1% per year, payable each month that each asset closes above coupon barrier on related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the final level of either asset is less than the trigger level, in which case 1% loss for each 1% decline from the initial level of the least performing asset
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| Call: | At par plus contingent coupon if assets close at or above initial values on any monthly call date starting Dec. 28
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| Initial values: | $257.44 for ETF, 10,101.83 for index
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| Coupon barriers: | $193.08 for ETF, 7,576.373 for index; 75% of initial values
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| Trigger levels: | $193.08 for ETF, 7,576.373 for index; 75% of initial values
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06367WR47
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