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BMO plans 6% autocallable cash-settled notes on S&P 500, Russell
By Devika Patel
Knoxville, Tenn., Dec. 14 – Bank of Montreal plans to price 6% autocallable cash-settled notes with conditional interest payments due Dec. 29, 2017 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly if each index closes above its trigger level, 65% of its initial level, on a monthly observation date.
The notes will be called at par plus the coupon if each index closes above its initial level on any call date beginning July 26, 2017.
The payout at maturity will be par plus the coupon due unless either index finishes below its initial level and either of the indexes closes below the 65% trigger level during the life of the notes, in which case investors will lose 1% for each 1% decline of the worse performing index.
BMO Capital Markets Corp. is the agent.
The notes (Cusip: 06367TPJ3) will price on Dec. 22 and settle on Dec. 30.
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