Published on 5/18/2018 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.67 million cash-settled autocallables on indexes, ETF
New York, May 18 – Bank of Montreal priced $1.67 million of autocallable cash-settled notes with contingent interest payments due Aug. 21, 2019 linked to the least performing of the S&P 500 index, the Russell 2000 index, the Euro Stoxx 50 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 10.2% if each asset closes above its 65% coupon barrier on the observation date for that month.
The notes will be automatically 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
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
|
| Underlying assets: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index, VanEck Vectors Gold Miners ETF
|
| Amount: | $1,665,000
|
| Maturity: | Aug. 21, 2019
|
| Coupon: | 10.2%, payable monthly if each asset closes above coupon barrier on observation date for that month
|
| 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: | Starting Nov. 16, 2018, automatically at par plus the coupon if each asset finishes above its initial level on any monthly call date
|
| Initial levels: | 2,722.46 for S&P, 1,616.367 for Russell, 3,562.85 for Stoxx and $22.29 for gold ETF
|
| Coupon barriers: | 1,769.60 for S&P, 1,050.639 for Russell, 2,315.85 for Stoxx and $14.49 for gold ETF; 65% of initial levels
|
| Trigger levels: | 1,769.60 for S&P, 1,050.639 for Russell, 2,315.85 for Stoxx and $14.49 for gold ETF; 65% of initial levels
|
| Pricing date: | May 16
|
| Settlement date: | May 21
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06367T5X4
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