Published on 3/29/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $228,000 autocallable cash-settled notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, March 29 – Bank of Montreal priced $228,000 of autocallable cash-settled notes with fixed interest payments due April 30, 2019 linked to the least performing of the S&P 500 index and the SPDR Euro Stoxx 50 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 6.9%.
The notes will be called at par if each asset closes above 110% of its initial level on any monthly review date after six months.
The payout at maturity will be par unless either asset finishes below its initial level and either asset ever closes below its 80% trigger level during the life of the notes, in which case investors be fully exposed to any losses of the least performing asset.
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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| Underlying assets: | S&P 500 index, SPDR Euro Stoxx 50 ETF
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| Amount: | $228,000
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| Maturity: | April 30, 2019
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| Coupon: | 6.9%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either asset 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 least performing asset
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| Call: | At par plus the coupon if each asset finishes above 110% ofits initial level on any monthly call date after six months
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| Initial levels: | 2,658.55 for index, $40.04 for ETF
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| Trigger levels: | 80% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06367T3R9
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