Published on 7/18/2018 in the Prospect News Structured Products Daily.
New Issue: BMO prices $570,000 9% cash-settled autocalls on S&P, Russell, Stoxx
By Susanna Moon
Chicago, July 18 – Bank of Montreal priced $570,000 of autocallable cash-settled notes with conditional interest payments due July 19, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each underlying asset closes at or above its 70% coupon barrier level on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its 105% call level on any review date after six months.
The payout at maturity will be par unless any asset finishes below its 70% trigger level, in which case investors be fully exposed to any losses of the worst performing index.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying assets: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
|
| Amount: | $570,000
|
| Maturity: | July 19, 2021
|
| Coupon: | 9% annualized, payable quarterly if each asset closes at or above its 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below its 70% trigger level, in which case full exposure to any losses of worst performing index
|
| Call: | At par plus coupon if each asset closes at or above its 105% call level on any call date beginning Jan. 16, 2019
|
| Initial levels: | 2,798.29 for S&P, 1,690.277 for Russell, 3,445.49 for Stoxx
|
| Trigger levels: | 1,958.80 for S&P, 1,183.194 for Russell, 2,411.84 for Stoxx, 70% of initial levels
|
| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.25%
|
| Cusip: | 06367T7F1
|
|
|
|
|
© 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.
