Published on 12/14/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.06 million autocallable cash-settled notes on indexes, ETFs
By Marisa Wong
Morgantown, W.Va., Dec. 14 – Bank of Montreal priced $1.06 million of autocallable cash-settled notes with fixed interest payments due March 12, 2019 linked to the least performing of the S&P 500 index, Russell 2000 index, VanEck Vectors Gold Miners exchange-traded fund, iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 12.6%.
The notes will be called at par if each asset closes above its initial level on any monthly review date after six months.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 65% 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, Russell 2000 index, VanEck Vectors Gold Miners ETF, iShares MSCI Emerging Markets ETF
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| Amount: | $1,063,000
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| Maturity: | March 12, 2019
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| Coupon: | 12.6%, payable monthly
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| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any 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
|
| Call: | At par plus the coupon if each asset finishes above its initial level on any monthly call date after six months
|
| Initial levels: | 2,636.98 for S&P, 1,520.469 for Russell, $21.58 for gold ETF and $45.41 for EM ETF
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| Trigger level: | 1,714.04 for S&P, 988.305 for Russell, $14.03 for gold ETF and $29.52 for EM ETF; 65% of initial levels
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 12
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TR51
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