Published on 4/24/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1 million 9% autocallable cash-settled notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, April 24 – Bank of Montreal priced $1 million of 9% autocallable cash-settled notes with fixed interest payments due July 25, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each asset closes above its initial level on any monthly review date after six months.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 65% trigger level during the life of the notes, 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: | Autocallable cash-settled notes with fixed interest payments
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| Underlying assets: | S&P 500 index, Russell 2000 index, iShares MSCI Emerging Markets Production ETF
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| Amount: | $1 million
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| Maturity: | July 25, 2018
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| Coupon: | 9%, 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 initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the least performing asset
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| Call: | At par plus the coupon if each asset finishes above its initial level on any monthly call date after six months
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| Initial levels: | $39.29 for ETF, 2,355.84 for S&P, 1,384.15 for Russell
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| Trigger levels: | 65% of initial levels
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TVX5
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