Published on 5/28/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $801,000 9% cash-settled autocalls tied to Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, May 28 – Bank of Montreal priced $801,000 of autocallable cash-settled notes with conditingent interest payments due May 21, 2030 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 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 9% if each index closes at or above its 75% coupon barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after one year.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors be fully exposed to any losses of the worse performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
|
| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $801,000
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| Maturity: | May 21, 2030
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| Coupon: | 9% annualized, payable quarterly if each index closes at or above its 75% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below 60% trigger level, in which case investors will be fully exposed to losses of worse performing index
|
| Call: | At par plus coupon if each asset closes at or above initial level on any call date beginning May 18, 2021
|
| Initial levels: | 2,905.47 for Stoxx, 1,355.531 for Russell
|
| Coupon barriers: | 2,179.1 for Stoxx, 1,016.648 for Russell, 75% of initial levels
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| Trigger levels: | 1,743.28 for Stoxx, 813.319 for Russell, 60% of initial levels
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| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Agent: | BMO Capital Markets Corp.
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| Fees: | 3%
|
| Cusip: | 06367WJ87
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