Published on 6/18/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $4.21 million 10% cash-settled autocalls tied to Dow ETF, Russell
By Wendy Van Sickle
Columbus, Ohio, June 18 – Bank of Montreal priced $4.21 million of autocallable cash-settled notes with conditingent interest payments due June 17, 2021 linked to the lesser performing of the SPDR Dow Jones Industrial Average ETF 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 10% if each asset closes at or above its 70% coupon barrier level on the observation date for that month.
The notes will be called at par if each asset closes at or above its initial level on any review date after three months.
The payout at maturity will be par unless either asset finishes below its 70% trigger level, in which case investors be fully exposed to any losses of the worse performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
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| Underlying assets: | SPDR Dow Jones Industrial Average ETF, Russell 2000 index
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| Amount: | $4,207,000
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| Maturity: | June 17, 2021
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| Coupon: | 10% annualized, payable monthly if each asset closes at or above its 70% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset finishes below 60% trigger level, in which case investors will be fully exposed to losses of worse performing asset
|
| Call: | At par plus coupon if each asset closes at or above initial level on any monthly call date after three months
|
| Initial levels: | $256.74 for ETF, 1,387.685 for Russell
|
| Coupon barriers: | $179.72 for ETF, 971.38 for Russell, 70% of initial levels
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| Trigger levels: | $179.72 for ETF, 971.38 for Russell, 70% of initial levels
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| Pricing date: | June 12
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| Settlement date: | June 17
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.97%
|
| Cusip: | 06367WM59
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