Published on 6/9/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $353,000 autocallable cash-settled notes on SPDR Dow ETF, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 9 – Bank of Montreal priced $353,000 of autocallable cash-settled notes with contingent interest payments due June 30, 2021 linked to the lesser performing of the SPDR Dow Jones industrial average exchange-traded fund and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.4% if each asset closes at or above its 75% coupon barrier level on any observation date for that month.
The notes will be called at par plus the coupon if each asset closes above its initial level on any monthly call date after six months.
If the notes are not called, the payout at maturity will be par plus the coupon unless either asset finishes below its 75% trigger level, in which case investors will be fully exposed to the losses of the lesser-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: | $353,000
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| Maturity: | June 30, 2021
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| Coupon: | 12.4%, payable monthly if each asset closes above coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par plus coupon unless either asset finishes below its trigger level, in which case full exposure to losses of lesser-performing asset
|
| Call: | At par plus coupon if each asset closes above its initial level on any monthly call date after six months
|
| Initial levels: | $254.29 for ETF, 9,555.524 for Nasdaq
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| Coupon barriers: | $190.72 for ETF, 7,166.643 for Nasdaq; 75% of initial levels
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| Trigger levels: | $190.72 for ETF, 7,166.643 for Nasdaq; 75% of initial levels
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| Pricing date: | May 29
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| Settlement date: | June 3
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.65%
|
| Cusip: | 06367WK69
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