Published on 1/22/2018 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.86 million 10.5% cash-settled autocallables tied to indexes, funds
By Susanna Moon
Chicago, Jan. 22 – Bank of Montreal priced $1.86 million of 10.5% autocallable cash-settled notes with fixed interest payments due April 18, 2019 linked to the S&P 500 index, the Russell 2000 index, the VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets ETF, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par plus the coupon if each underlying component closes above the initial level on any call date.
The payout at maturity will be par unless any component finishes below initial level and ever closes below its 65% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of worst performing index or fund.
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, VanEck Vectors Gold Miners ETF and iShares MSCI Emerging Markets ETF
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| Amount: | $1,862,000
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| Maturity: | April 18, 2019
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| Coupon: | 10.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any component finishes below initial level and ever closes below trigger, in which case 1% loss per 1% decline of worst performing index or fund
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| Call: | At par plus the coupon if component finishes above its initial level on any call date beginning July 13, 2018
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| Initial levels: | 2,776.42 for S&P, 1,572.97 for Russell, $24.37 for gold fund, $49.32 for EM fund
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| Trigger levels: | 1,804.67 for S&P, 1,022.431 for Russell, $15.84 for gold fund, $32.06 for EM fund, 65% of initial levels
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 19
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TX62
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