Published on 6/15/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $942,000 7.32% cash-settled autocalls tied to S&P, Russell
By Susanna Moon
Chicago, June 15 – Bank of Montreal priced $942,000 of autocallable cash-settled notes with conditional interest payments due June 17, 2019 linked to the worse 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 7.32% if each underlying asset 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 asset closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either asset ever closes below its 70% trigger level during the life of the notes, 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 assets: | S&P 500 index, Russell 2000 index
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| Amount: | $942,000
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| Maturity: | June 17, 2019
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| Coupon: | 7.32% annualized, payable monthly if each asset 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 asset ever closes below its 70% trigger level, in which case full exposure to any losses of worst 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 Dec. 12, 2018
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| Initial levels: | 2,786.85 for S&P, 1,682.299 for Russell
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| Trigger levels: | 1,950.80 for S&P, 1,177.609 for Russell, 70% of initial levels
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| Pricing date: | June 12
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| Settlement date: | June 15
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367T6Q8
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