Published on 3/18/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $400,000 autocallable notes with contingent interest on S&P 500 index
By Wendy Van Sickle
Columbus, Ohio, March 18 – Bank of Montreal priced $400,000 of autocallable notes with contingent interest payments due March 12, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.2% if the index closes above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus a coupon if the index closes at or above 110% of the initial price on any quarterly call valuation date starting in September 2021.
If the notes are not called, the payout at maturity will be par unless the index finishes below 60% of its initial price.
BMO Capital Markets is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable notes with contingent interest payments
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Underlying index: | S&P 500
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Amount: | $400,000
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Maturity: | March 12, 2024
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Coupon: | 5.2%, payable quarterly if index closes above its coupon barrier, 60% of its initial level, on observation date
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Price: | Par
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Payout at maturity: | Par unless index finishes below 60% of its initial level, in which case full exposure to loss
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Call: | Automatically at par plus coupon if index closes at or above 110% of initial level on any quarterly call valuation date starting in September 2021
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Initial index level: | 2,746.56
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Coupon barrier: | 1,647.94, 60% of initial level
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Call level: | 110% of initial level
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Pricing date: | March 9
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Settlement date: | March 12
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Underwriter: | BMO Capital Markets
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Fees: | 0%
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Cusip: | 06367WWX7
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