New Issue: BMO sells $3.05 million autocallable cash-settled notes on S&P, Russell, two ETFs

By Sarah Lizee

Olympia, Wash., Jan. 10 – Bank of Montreal priced $3.05 million of autocallable cash-settled notes with contingent interest payments due April 14, 2021 linked to the lesser performing of the S&P 500 index, the Russell 2000 index, the iShares MSCI Emerging Markets exchange-traded fund and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

An annualized coupon of 8.3% will be paid if each underlying closes above its 60% coupon barrier level on any monthly valuation date.

The notes will be called at par plus the interest payment due if each underlying closes above its initial level on any monthly call date beginning July 9.

The payout at maturity will be par unless any underlying finishes below its initial level and any asset ever closes below its 60% trigger level any day during the life of the notes, in which case investors will be fully exposed to any losses of the least performing underlying.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with contingent interest payments
Underlying assets:	S&P 500 index, the Russell 2000 index, the iShares MSCI Emerging Markets exchange-traded fund and the VanEck Vectors Gold Miners ETF
Amount:	$3,052,000
Maturity:	April 14, 2021
Coupon:	8.3% annual rate, paid if each underlying closes above coupon barrier level on any monthly valuation date
Price:	Par
Payout at maturity:	Par unless any underlying finishes below initial level and any asset closes below trigger level during life of notes, in which case investors will be fully exposed to any losses of the least-performing asset
Call:	At par if each asset closes above initial level on any monthly call date beginning July 9
Initial levels:	3,274.70 for S&P, 1,664.988 for Russell, $45.35 for EM and $28.04 for VanEck
Coupon/trigger levels:	1,964.82 for S&P, 998.993 for Russell, $27.21 for EM and $16.82 for VanEck, 60% of initial levels
Pricing date:	Jan. 9
Settlement date:	Jan. 14
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06367WUN1

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.