Published on 11/6/2019 in the Prospect News Structured Products Daily.
New Issue: BMO prices $3.87 million cash-settled autocalls on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Bank of Montreal priced $3.87 million of autocallable cash-settled notes with conditional interest payments due Oct. 30, 2020 linked to the least performing of the Nasdaq 100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.3% if each underlying index closes at or above its 70% coupon barrier on the review date for that month.
The notes will be called at par plus the coupon if each underlying index closes at or above its initial level on any monthly review date after six months.
The payout at maturity will be par unless any underlying index finishes below its initial level and ever closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying indexes: | Nasdaq 100 index, the Russell 2000 index
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| Amount: | $3.87 million
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| Maturity: | Oct. 30, 2020
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| Coupon: | 9.3%, payable monthly if each underlying index closes at or above 70% coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below initial level and ever closes below trigger level during life of the notes, in which case investors will be fully exposed to any losses of worse performing index
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| Call: | At par plus coupon if each component finishes at or above initial level on any monthly call date after six months
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| Initial levels: | 8,083.113 for Nasdaq, 1,572.847 for Russell
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| Coupon barrier/trigger levels: | 5,658.179 for Nasdaq, 1,100.933 for Russell; 70% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.65%
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| Cusip: | 06367WQN6
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