Published on 10/2/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.54 million autocallable cash-settled notes on indexes, ETFs
By Sarah Lizee
Olympia, Wash., Oct. 2 – Bank of Montreal priced $2.54 million of autocallable cash-settled notes with contingent interest payments due Jan. 2, 2020 linked to the least performing of the Euro Stoxx 50 index, Russell 2000 index, VanEck Vectors Gold Miners exchange-traded fund and iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 11.76% if each asset closes above its 65% coupon barrier on the observation date for that month.
The notes will be called at par if each asset closes above its initial level on any monthly review date beginning March 28, 2019.
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
|
| Issue: | Autocallable cash-settled notes with contingent interest payments
|
| Underlying assets: | Euro Stoxx 50 index, Russell 2000 index, VanEck Vectors Gold Miners ETF, iShares MSCI Emerging Markets ETF
|
| Amount: | $2,537,000
|
| Maturity: | Jan. 2, 2020
|
| Coupon: | 11.76%, payable monthly if each asset closes above coupon barrier on observation date for that month
|
| Price: | Par of $1,000
|
| 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
|
| Call: | At par plus the coupon if each asset finishes above its initial level on any monthly call date beginning March 28, 2019
|
| Initial levels: | 3,449.79 for Stoxx, 1,690.526 for Russell, $43.21 for Emerging Markets ETF and $18.34 for Gold ETF
|
| Coupon barriers: | 2,242.36 for Stoxx, 1,098.842 for Russell, $28.09 for Emerging Markets ETF and $11.92 for Gold ETF; 65% of initial levels
|
| Trigger levels: | 2,242.36 for Stoxx, 1,098.842 for Russell, $28.09 for Emerging Markets ETF and $11.92 for Gold ETF; 65% of initial levels
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 2
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06367WCT8
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