Published on 1/3/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.24 million autocallable cash-settled notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 3 – Bank of Montreal priced $1.24 million of autocallable cash-settled notes with fixed interest payments due Dec. 31, 2018 linked to the least performing of the Russell 2000 index and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 9.6%.
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 70% 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: | Russell 2000 index, VanEck Vectors Gold Miners ETF
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| Amount: | $1,239,000
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| Maturity: | Dec. 31, 2018
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| Coupon: | 9.6%, 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
|
| Call: | At par plus the coupon if each asset finishes above 110% ofits initial level on any monthly call date after six months
|
| Initial levels: | 1,544.227 for Russell, $23.20 for gold ETF
|
| Trigger levels: | 70% of initial levels
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| Pricing date: | Dec. 26
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| Settlement date: | Dec. 29
|
| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TU40
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