BMO plans autocallable cash-settled notes on indexes

By Wendy Van Sickle

Columbus, Ohio, May 15 – Bank of Montreal plans to price autocallable cash-settled notes with contingent interest payments due June 30, 2021 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annual rate of 11.35% if each asset closes above its 75% coupon barrier on the observation date for that quarter.

The notes will be called at par if each asset closes at or above its initial level on any quarterly review date beginning Nov. 20.

The payout at maturity will be par unless any asset finishes below its 75% trigger level, in which case investors be fully exposed to any losses of the least performing asset.

BMO Capital Markets Corp. is the agent.

The notes will price on May 28.

The Cusip number is 06367WK36.

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