Published on 5/27/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $5 million 8.3% cash-settled notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 27 – Bank of Montreal priced $5 million of 8.3% cash-settled notes with fixed interest payments due Nov. 29, 2021 linked to the least performing of the Russell 2000 index and the SPDR Dow Jones industrial average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either asset finishes below its trigger level, 70% of its initial leve, 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: | Cash-settled notes with fixed interest payments
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Underlying assets: | Russell 2000 index, SPDR Dow Jones industrial average ETF
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Amount: | $5 million
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Maturity: | Nov. 29, 2021
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Coupon: | 8.3%, payable monthly
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Price: | Par of $1,000
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Payout at maturity: | Par unless any asset finishes below its trigger level, in which case full exposure to any losses of the least performing asset
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Initial levels: | 1,355.531 for Russell, $244.88 for ETF
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Trigger levels: | 943.291 for Russell, $171.51 for ETF; 70% of initial levels
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Pricing date: | May 22
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Settlement date: | May 28
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.3%
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Cusip: | 06367WH63
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