By William Gullotti
Buffalo, N.Y., March 17 – Bank of Montreal priced $5 million autocallable barrier notes with memory coupons due March 19, 2029 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon equal to 7.25% per year if each index’s closing level is more than 90% of its initial level on the corresponding observation date, plus any previously unpaid coupon.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes at or above 105% of its initial level on any semiannual observation date after two years.
If the notes are not called, the payout at maturity will be par plus the final coupon and any previously unpaid coupons if each index finishes at or above the coupon barrier.
If the final level of any index is less than the coupon barrier but each finishes at or above 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with memory coupons
|
| Underlying indexes: | Russell 2000 index, Euro Stoxx 50 index
|
| Amount: | $5 million
|
| Maturity: | March 19, 2029
|
| Coupon: | 7.25% per year, payable semiannually if each index closes above its coupon barrier on the corresponding observation date; coupon payment events will also include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if the worst performing index finishes below the coupon barrier but at or above downside threshold, par; otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level
|
| Call: | At par plus contingent coupon if the indexes close at or above 105% of initial levels on any semiannual observation date after two years
|
| Initial levels: | 3,741.1 for Stoxx, 1,941.719 for Russell
|
| Coupon barriers: | 3,366.99 for Stoxx, 1,747.547 for Russell; 90% of initial levels
|
| Downside thresholds: | 2,431.72 for Stoxx, 1,262.117 for Russell; 65% of initial levels
|
| Pricing date: | March 14
|
| Settlement date: | March 17
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 5%
|
| Cusip: | 06368GMS3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
