Published on 11/1/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.16 million 8.2% autocallable cash-settled notes on Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Bank of Montreal priced $1.16 million of 8.2% autocallable cash-settled notes with contingent interest payments due Oct. 31, 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.
Interest is payable quarterly at an annualized rate of 8.2% if each index closes at or above its coupon barrier, 75% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly call date after one year.
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 contingent interest payments
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $1,155,000
|
| Maturity: | Oct. 31, 2029
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| Coupon: | 8.2%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which full exposure to any losses of lesser-performing index
|
| Call: | At par if each index closes above its initial level on any quarterly call date after one year
|
| Initial levels: | 3,625.69 for Stoxx, 1,571.933for Russell
|
| Coupon barriers: | 75% of initial levels
|
| Triggers: | 60% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.6%
|
| Cusip: | 06367WRX3
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