Published on 12/23/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.53 million autocallable cash-settled notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 23 – Bank of Montreal priced $2.53 million of 7.55% autocallable cash-settled notes with fixed interest payments due March 18, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each index closes above 105% of its initial level on any quarterly call date beginning in March 2020.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 70% trigger level any day during the life of the notes, 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 fixed interest payments
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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $2,529,000
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| Maturity: | March 18, 2021
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| Coupon: | 7.55%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes initial level and either index closes below trigger level during life of notes, in which case investors will be fully exposed to any losses of the lesser-performing index
|
| Call: | At par if each index closes above 105% of initial level on any quarterly call date beginning in March 2020
|
| Initial levels: | 3,168.8 for S&P, 1,637.976 for Russell
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| Trigger levels: | 2,218.16 for S&P, 1,146.583 for Russell; 70% of initial levels
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 18
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.75%
|
| Cusip: | 06367WTA1
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