Published on 12/23/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.6 million autocallables linked to Russell, Euro Stoxx
By Devika Patel
Knoxville, Tenn., Dec. 23 – Bank of Montreal priced $1.6 million of autocallable cash-settled notes with contingent interest payments due Dec. 24, 2029 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 8% if each index closes at or above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly call date beginning on Dec. 21, 2020.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors will be fully exposed to the losses of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $1.6 million
|
| Maturity: | Dec. 24, 2029
|
| Coupon: | 8%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which full exposure to losses of lesser-performing index
|
| Call: | Automatically at par if each index closes above its initial level on any quarterly call date beginning Dec. 21, 2020
|
| Initial levels: | 1,667.094 for Russell and 3,739.17 for Stoxx
|
| Coupon barriers: | 1,250.321 for Russell and 2.804.38 for Stoxx, 75% of initial levels
|
| Trigger levels: | 1,000.256 for Russell and 2,243.50 for Stoxx, 60% of initial levels
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 23
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.6%
|
| Cusip: | 06367WTN3
|
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