Published on 4/8/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.37 million autocallable cash-settled notes on index, ETF
By Sarah Lizee
Olympia, Wash., April 8 – Bank of Montreal priced $1.37 million of autocallable cash-settled notes with fixed interest payments due July 9, 2020 linked to the least performing of the S&P 500 index and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 6.5%.
The notes will be called at par if each asset closes above 105% of its initial level on any monthly review date after six months.
The payout at maturity will be par unless either asset finishes below its initial level and either asset ever closes below its 70% trigger level during the life of the notes, in which case investors be fully exposed to any losses of the least performing asset.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable cash-settled notes with fixed interest payments
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Underlying assets: | S&P 500 index, iShares MSCI EAFE ETF
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Amount: | $1,371,000
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Maturity: | July 9, 2020
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Coupon: | 6.5%, payable monthly
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Price: | Par of $1,000
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Payout at maturity: | Par unless either asset finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the least performing asset
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Call: | At par plus the coupon if each asset finishes above 105% of its initial level on any monthly call date after six months
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Initial levels: | 2,879.39 for index, $66.08 for ETF
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Trigger levels: | 2,015.57 for index, $46.26 for ETF; 70% of initial levels
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Pricing date: | April 4
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Settlement date: | April 9
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.75%
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Cusip: | 06367WJY0
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