Published on 5/5/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $3.82 million cash-settled autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 5 – Bank of Montreal priced $3.82 million of autocallable cash-settled notes with contingent interest payments due April 30, 2021 linked to the least performing of the Russell 2000 index and the 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 11% if each asset closes at or above its 60% 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 July 28.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 60% trigger level on any day during the life of the notes, 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, Dow Jones industrial average ETF
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Amount: | $3,819,000
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Maturity: | April 30, 2021
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Coupon: | 11%, 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 initial level and ever closes below the trigger level during the life of the notes, 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 July 28
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Initial levels: | 1,298.083 for Russell, $241.09 for ETF
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Coupon barriers: | 778.85 for Russell, $144.65 for ETF; 60% of initial levels
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Trigger levels: | 778.85 for Russell, $144.65 for ETF; 60% of initial levels
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Pricing date: | April 28
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Settlement date: | April 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 3.5%
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Cusip: | 06367WC68
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