Published on 5/1/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $304,000 autocallable cash-settled notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, May 1 – Bank of Montreal priced $304,000 of autocallable cash-settled notes with conditional interest payments due April 24, 2030 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a conditional monthly coupon at an annual rate of 8% if each index closes at or above its 70% coupon barrier level on any observation date for that month.
The notes will be called at par if each index closes above its initial level on any call date beginning on Jan. 26, 2021.
The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the lesser-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: | Russell 2000, S&P 500
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Amount: | $304,000
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Maturity: | April 24, 2030
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Coupon: | 8% payable monthly if each index 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 either index finishes below its trigger level, in which case investors will be fully exposed to any losses of the lesser-performing index
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Call: | At par if each index closes above its initial level on any call date beginning on Jan. 26, 2021
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Initial levels: | 1,281.878 for Russell, 2,878.48 for S&P
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Coupon barrier/triggers: | 729.127 for Russell, 1,727.09 for S&P; 70% of initial levels
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 4%
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Cusip: | 06367WA52
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