By Susanna Moon
Chicago, May 1 – Bank of Montreal priced $4.47 million of autocallable cash-settled notes with conditional interest payments due April 26, 2019 linked to the lesser performing of the S&P 500 index 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 8.4% if each index 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 index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors be fully exposed to any losses of the worse performing index.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable cash-settled notes with conditional interest payments
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $4.47 million
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Maturity: | April 26, 2019
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Coupon: | 8.4% annualized, payable monthly if each index closes at or above its 70% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its trigger level, in which case investors will be fully exposed to any losses of worse performing index
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Call: | At par plus coupon if each asset closes at or above its initial level on any call date beginning Oct. 23, 2018
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Initial levels: | 2,670.29 for S&P, 1,562.12 for Russell
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Trigger levels: | 70% of initial levels
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Pricing date: | April 23
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Settlement date: | April 26
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06367T4Z0
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