Published on 7/20/2017 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1 million cash-settled autocallables tied to indexes, fund
By Susanna Moon
Chicago, July 20 – Bank of Montreal priced $1 million of autocallable cash-settled notes with conditional interest payments due Oct. 12, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the SPDR Euro Stoxx 50 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.9% if each underlying component closes at or above its 70% coupon barrier on any observation date for that month.
The notes will be called at par if each component closes above its initial level on any review date.
The payout at maturity will be par unless any component finishes below its 70% trigger level, in which case investors be fully exposed to any losses of the worst performing component.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying assets: | S&P 500 index, Russell 2000 index and SPDR Euro Stoxx 50 ETF
|
| Amount: | $1 million
|
| Maturity: | Oct. 12, 2018
|
| Coupon: | 9.9%, payable monthly, if each component closes above coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any component falls below trigger, in which case full exposure to any losses of worst performing component
|
| Call: | At par if each fund closes above initial level on any call date beginning Jan. 9, 2018
|
| Initial levels: | 2,425.18 for S&P, 1,415.835 for Russell and $38.56 for fund
|
| Trigger levels: | 1,697.63 for S&P, 991.085 for Russell and $26.99 for fund, 70% of initial levels
|
| Pricing date: | July 7
|
| Settlement date: | July 12
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06367TZK9
|
|
|
|
|
© 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.
