Published on 1/27/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $500,000 autocallable cash-settled notes on S&P, Russell, Stoxx
By Sarah Lizee
Olympia, Wash., Jan. 27 – Bank of Montreal priced $500,000 of autocallable cash-settled notes with contingent interest payments due Jan. 27, 2028 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.
An annualized coupon of 8% will be paid if each underlying closes above its 60% coupon barrier level on any quarterly valuation date.
The notes will be called at par plus the interest payment due if each underlying closes above its initial level on any quarterly call date beginning Jan. 22, 2021.
The payout at maturity will be par unless any underlying finishes below its 70% trigger level, 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
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| Issue: | Autocallable cash-settled notes with contingent interest payments
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| Underlying assets: | S&P 500 index, the Russell 2000 index, Euro Stoxx 50 index
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| Amount: | $500,000
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| Maturity: | Jan. 27, 2028
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| Coupon: | 8% annual rate, paid if each underlying closes above coupon barrier level on any quarterly valuation date
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| Price: | Par
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| Payout at maturity: | Par unless any underlying finishes below trigger level, in which case investors will be fully exposed to any losses of the least-performing asset
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| Call: | At par if each asset closes above initial level on any quarterly call date beginning Jan. 22, 2021
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| Initial levels: | 3,322.96 for S&P, 1,684.696 for Russell, 3,769.79 for Stoxx
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| Coupon barriers: | 1,993.78 for S&P, 1,010.818 for Russell, 2,261.87 for Stoxx, 60% of initial levels
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| Trigger levels: | 2,326.07 for S&P, 1,179.287 for Russell, 2,638.85 for Stoxx, 70% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 27
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367WVA8
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