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BMO Harris plans contingent monthly digital payout CDs tied to S&P 500
By Angela McDaniels
Tacoma, Wash., March 4 - BMO Harris Bank NA plans to price contingent monthly digital payout certificates of deposit due March 31, 2033 linked to the S&P 500 index, according to a term sheet.
If the index closes at or above the threshold level, 80% of the initial index level, on a coupon determination date, the CDs will pay a 0.34167% coupon that month, which corresponds to an annual rate of 4.1%. Otherwise, no coupon will be paid that month.
The payout at maturity will be par plus the last coupon payment, if any.
BMO Capital Markets Corp. is the agent.
The CDs are expected to price March 25 and settle March 28.
The Cusip number is 05573JMW1.
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