Published on 10/12/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $2.52 million autocallable cash-settled notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 12 – Bank of Montreal priced $2.52 million of autocallable cash-settled notes with fixed interest payments due Jan. 10, 2019 linked to the least performing of the Russell 2000 index, the S&P 500 index, the VanEck Vectors Gold Miners ETF and the SPDR Euro Stoxx 50 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 14%.
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 either asset finishes below its initial level and either 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: | Russell 2000 index, S&P 500 index, SPDR Euro Stoxx 50 ETF, VanEck Vectors Gold Miners ETF
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| Amount: | $2.52 million
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| Maturity: | Jan. 10, 2019
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| Coupon: | 14%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either 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: | 2,537.74 for S&P, 1,507.765 for Russell, $41.05 for Stoxx ETF, $23.42 for Gold Miners
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| Barriers/triggers: | 65% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 10
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TK41
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