Published on 3/9/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $555,000 autocallable cash-settled notes on indexes, ETF
By Sarah Lizee
Olympia, Wash., March 9 – Bank of Montreal priced $555,000 of autocallable cash-settled notes with contingent interest payments due March 6, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually at an annual rate of 8.72% if each asset closes above its 75% coupon barrier on the observation date for that period.
The notes will be called at par if each asset closes at or above its initial level on any quarterly review date beginning March 3, 2021.
The payout at maturity will be par unless any asset finishes below its 75% trigger 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: | S&P 500 index, Russell 2000 index and SPDR Dow Jones Industrial Average ETF
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| Amount: | $555,000
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| Maturity: | March 6, 2023
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| Coupon: | 8.72% per year, payable semiannually if each asset closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its trigger level, in which case investors will be fully exposed to any losses of the least performing asset
|
| Call: | At par plus coupon if each asset finishes at or above initial level on any quarterly call date beginning March 3, 2021
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| Initial levels: | 2,954.22 for S&P, 1,476.431 for Russell, $254.56 for ETF
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| Coupon barriers: | 2,215.67 for S&P, 1,107.323 for Russell, $190.92 for ETF, 75% of initial levels
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| Trigger levels: | 2,215.67 for S&P, 1,107.323 for Russell, $190.92 for ETF, 75% of initial levels
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| 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: | 0.6%
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| Cusip: | 06367WXS7
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