Published on 5/22/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.26 million autocallable cash-settled notes on Stoxx, Russell
By Sarah Lizee
Olympia, Wash., May 22 – Bank of Montreal priced $1.26 million of autocallable cash-settled notes with conditional interest payments due May 22, 2029 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a conditional quarterly coupon at an annual rate of 8.5% if each index closes at or above its 75% coupon barrier level on any observation date for that quarter.
The notes will be called at par if each index closes above 110% of its initial level on any quarterly call date beginning on May 19, 2020.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the lesser-performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $1,255,000
|
| Maturity: | May 22, 2029
|
| Coupon: | 8.5%, payable quarterly if each index closes above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which case investors will be fully exposed to any losses of the lesser-performing index
|
| Call: | At par if each index closes above 110% of its initial level on any quarterly call date beginning on May 19, 2020
|
| Initial levels: | 3,369.78 for Stoxx, 1,524.963 for Russell
|
| Coupon barrier levels: | 2,527.34 for Stoxx, 1,143.722 for Russell; 75% of initial levels
|
| Trigger levels: | 2,021.87 for Stoxx, 914.978 for Russell; 60% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 22
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.6%
|
| Cusip: | 06367WLK7
|
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