Published on 10/10/2018 in the Prospect News Structured Products Daily.
New Issue: BMO prices $654,000 autocallable cash-settled notes tied to S&P, Stoxx
By Sarah Lizee
Olympia, Wash., Oct. 10 – Bank of Montreal priced $654,000 of autocallable cash-settled notes with conditional interest payments due Nov. 12, 2019 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a conditional monthly coupon at an annual rate of 7.32% if each index closes at or above its 75% coupon barrier level on any observation date for that month.
The notes will be called at par if each index closes above its initial level on any call date beginning on April 9, 2019.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 75% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying indexes: | S&P 500 index and Euro Stoxx 50 index
|
| Amount: | $654,000
|
| Maturity: | Nov. 12, 2019
|
| Coupon: | 7.32%, payable monthly, if each index closes above coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index ever closes below its trigger level during life of notes, in which full exposure to any losses of lesser-performing index
|
| Call: | At par if each index closes above its initial level on any call date beginning on April 9, 2019
|
| Initial levels: | 2,885.57 for S&P, 3,345.51 for Stoxx
|
| Coupon barrier/triggers: | 75% of initial levels
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 11
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.65%
|
| Cusip: | 06367WDB6
|
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