Published on 3/31/2016 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $10,000 10.8% cash-settled autocallables on S&P, EM fund
By Tali Rackner
Norfolk, Va., March 31 – Bank of Montreal priced $10,000 of 10.8% autocallable cash-settled notes with fixed interest payments due March 31, 2017 linked to the lesser performing of the S&P 500 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If each underlying asset finishes above the 110% call level on any of five monthly call dates from October 2016 through February 2017, the notes will be called at par plus the coupon.
The payout at maturity will be par plus the coupon due unless either underlying asset finishes below the 75% trigger level, in which case investors will be fully exposed to the loss.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable cash-settled notes with fixed interest payments
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Underliers: | S&P 500 index and iShares MSCI Emerging Markets ETF
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Amount: | $10,000
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Maturity: | March 31, 2017
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Coupon: | 10.8%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless either underlier closes below 65% trigger price at any time during life of the notes and finishes below initial price, in which case full exposure to lesser-performing underlier decline from its initial price
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Call: | At par plus the coupon if each underlier closes above 110% call level on any monthly call date beginning Oct. 26, 2016
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Initial levels: | 2,037.05 for S&P, $33.47 for EM fund
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Trigger levels: | 1,527.79 for S&P, $25.1 for EM fund, 75% of initial level
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06367TBQ2
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