New Issue: BMO sells $1.56 million contingent interest autocalls tied to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Bank of Montreal priced $1.56 million of autocallable notes with contingent interest payments due Dec. 13, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual of 6.4% if the index closes at or above its 65% coupon barrier on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning June 10, 2020.

The payout at maturity will be par unless the index falls below its 65% trigger level, in which case investors will be exposed to any losses.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable notes with contingent interest payments
Underlying index:	S&P 500 index
Amount:	$1,562,000
Maturity:	Dec. 13, 2022
Coupon:	6.4% per year, payable for each quarter that index closes at or above 65% of its initial level on related observation date
Price:	Par
Payout at maturity:	Par plus final coupon payment unless index falls by more than 35%, in which case full exposure to decline
Call:	At par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning June 10, 2020
Initial level:	2,637.72
Coupon barrier/triggers:	1,714.52, 65% of initial level
Pricing date:	Dec. 10
Settlement date:	Dec. 13
Agent:	BMO Capital Markets Corp.
Fees:	None
Cusip:	06367WEZ2

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