Published on 3/12/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $30.41 million autocallable cash-settled notes on Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, March 12 – Bank of Montreal priced $30.41 million of autocallable cash-settled notes with conditional interest payments due March 12, 2021 linked to the lesser performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a conditional monthly coupon at an annual rate of 8.05% if each index closes at or above its 70% coupon barrier level on any observation date for that month.
The notes will be called at par plus the coupon if each index closes above its initial level on any monthly call date beginning on Sept. 9.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying indexes: | Nasdaq-100, S&P 500
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| Amount: | $30,406,000
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| Maturity: | March 12, 2021
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| Coupon: | 8.05% payable monthly if each index closes above coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its initial level and either index ever closes below its trigger level during life of notes, in which case full exposure to any losses of lesser-performing index
|
| Call: | At par if each index closes above its initial level on any call date beginning on Sept.9
|
| Initial levels: | 8,530.337 for Nasdaq, 2,972.37 for S&P
|
| Coupon barrier/triggers: | 5,971.236 for Nasdaq, 2,080.66 for S&P, 70% of initial levels
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.65%
|
| Cusip: | 06367WXD0
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