Published on 9/18/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $583,000 6% contingent cash-settled autocallables on indexes
By Susanna Moon
Chicago, Sept. 18 – Bank of Montreal priced $583,000 of autocallable cash-settled notes with conditional interest payments due Sept. 14, 2018 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each underlying index closes at or above its 70% coupon barrier on a review date for that month.
The notes will be called at par if each underlying index closes above its 110% call level on any monthly review date.
The payout at maturity will be par unless any underlying index finishes below its initial level and ever closes below its 70% trigger level during the life of the notes, 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
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying assets: | S&P 500 index, the Russell 2000 index
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| Amount: | $583,000
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| Maturity: | Sept. 14, 2018
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| Coupon: | 6%, payable monthly if each underlying index closes at or above 70% coupon barrier on a review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index
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| Call: | At par plus the coupon if each component finishes above 100% call level on any monthly call date beginning April 11, 2018
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| Initial levels: | 2,488.11 for S&P, 1,414.828 for Russell
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| Trigger levels: | 1,741.68 for S&P, 990.38 for Russell; 70% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 14
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367TD56
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