Published on 11/20/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.47 million autocallable cash-settled notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Bank of Montreal priced $1.47 million of autocallable cash-settled notes with contingent interest payments due Feb. 19, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index, the VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, 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 63% coupon barrier 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 monthly review date beginning May 14, 2020.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 63% trigger level during the life of the notes, in which case investors be fully exposed to any losses of the least performing asset with a cap of par.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with contingent interest payments
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| Underlying assets: | S&P 500 index, Russell 2000 index, VanEck Vectors Gold Miners ETF, iShares MSCI Emerging Markets ETF
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| Amount: | $1,469,000
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| Maturity: | Feb. 19, 2021
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| Coupon: | 11.76% per year, payable monthly if each asset closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| 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 coupon if each asset finishes at or above initial level on any monthly call date beginning May 14, 2020
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| Initial levels: | 3,096.63 for S&P, 1,588.794 for Russell, $27.00for gold ETF and $42.79 for EM ETF
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| Coupon barriers: | 1,950.88 for S&P, 1,000.94 for Russell, $17.01 for gold ETF and $26.96 for EM ETF, 63% of initial levels
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| Trigger levels: | 1,950.88 for S&P, 1,000.94 for Russell, $17.01 for gold ETF and $26.96 for EM ETF, 63% of initial levels
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| Pricing date: | Nov. 14
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| Settlement date: | Nov. 19
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367WSK0
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