Published on 12/13/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.56 million contingent interest autocalls tied to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Bank of Montreal priced $1.56 million of autocallable notes with contingent interest payments due Dec. 13, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual of 6.4% if the index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning June 10, 2020.
The payout at maturity will be par unless the index falls below its 65% trigger level, in which case investors will be exposed to any losses.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable notes with contingent interest payments
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Underlying index: | S&P 500 index
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Amount: | $1,562,000
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Maturity: | Dec. 13, 2022
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Coupon: | 6.4% per year, payable for each quarter that index closes at or above 65% of its initial level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon payment unless index falls by more than 35%, in which case full exposure to decline
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Call: | At par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning June 10, 2020
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Initial level: | 2,637.72
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Coupon barrier/triggers: | 1,714.52, 65% of initial level
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Pricing date: | Dec. 10
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Settlement date: | Dec. 13
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06367WEZ2
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