Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $373,000 cash-settled autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 20 – Bank of Montreal priced $373,000 of autocallable cash-settled notes with contingent interest payments due June 21, 2021 linked to the least performing of the Nasdaq-100 index and the SPDR Dow Jones industrial average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 12.65% if each asset closes at or above its 75% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly review date beginning Nov. 18.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 75% trigger level on any day 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 contingent interest payments
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Underlying assets: | Nasdaq-100 index, SPDR Dow Jones industrial average ETF
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Amount: | $373,000
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Maturity: | June 21, 2021
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Coupon: | 12.65%, payable each month that each asset closes at or above coupon barrier on observation date for that month
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Price: | Par of $1,000
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Payout at maturity: | Par unless any asset finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case full exposure to any losses of the least performing asset
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Call: | At par if each asset closes at or above its initial level on any monthly call date beginning Nov. 18
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Initial levels: | 9,152.639 for Nasdaq, $241.09 for ETF
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Coupon barriers: | 6,864.479 for Nasdaq, $177.68 for ETF; 75% of initial levels
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Trigger levels: | 6,864.479 for Nasdaq, $177.68 for ETF; 75% of initial levels
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Pricing date: | May 15
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Settlement date: | May 20
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.65%
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Cusip: | 06367WF24
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