BMO plans 6.9% autocallable cash-settled notes on S&P 500, Russell

By Marisa Wong

Morgantown, W.Va., Nov. 9 – Bank of Montreal plans to price 6.9% autocallable cash-settled notes with conditional interest payments due Feb. 16, 2018 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly if each index closes above its coupon barrier, 65% of its initial level, on the observation date for that month.

The notes will be called at par plus the coupon if each index closes above its initial level on any call date beginning June 13, 2017.

The payout at maturity will be par unless either index closes below the 65% trigger level during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for each 1% decline of the worse performing index.

BMO Capital Markets Corp. is the agent.

The notes will price on Nov. 11 and settle on Nov. 16.

The Cusip number is 06367TNL0.

© 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.