Published on 5/22/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.16 million autocallable cash-settled notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, May 22 – Bank of Montreal priced $2.16 million of autocallable cash-settled notes with contingent interest payments due Aug. 24, 2020 linked to the least performing of the Euro Stoxx 50 index, Russell 2000 index, VanEck Vectors Gold Miners exchange-traded fund and 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 13.3% if each asset closes above its 65% coupon barrier on the observation date for that month.
The notes will be called at par if each asset closes above its initial level on any monthly review date beginning Nov. 20.
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 contingent interest payments
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Underlying assets: | Euro Stoxx 50 index, Russell 2000 index, VanEck Vectors Gold Miners ETF, iShares MSCI Emerging Markets ETF
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Amount: | $2,158,000
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Maturity: | Aug. 24, 2020
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Coupon: | 13.3%, payable monthly if each asset closes above coupon barrier on observation date for that month
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Price: | Par
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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
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Call: | At par plus the coupon if each asset finishes above its initial level on any monthly call date beginning Nov. 20
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Initial levels: | 3,425.64 for Stoxx, 1,535.763 for Russell, $20.75 for gold ETF and $40.29 for EM ETF
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Coupon barriers: | 2,226.67 for Stoxx, 998.246 for Russell, $13.49 for gold ETF and $26.19 for EM ETF; 65% of initial levels
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Trigger levels: | 2,226.67 for Stoxx, 998.246 for Russell, $13.49 for gold ETF and $26.19 for EM ETF; 65% of initial levels
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Pricing date: | May 17
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Settlement date: | May 22
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06367WLH4
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