New Issue: BMO sells $2.95 million autocallable cash-settled notes on index, ETFs

By Wendy Van Sickle

Columbus, Ohio, Dec. 17 – Bank of Montreal priced $2.95 million of autocallable cash-settled notes with contingent interest payments due Dec. 16, 2024 linked to the least performing of the Nasdaq-100 index, the SPDR Dow Jones Industrial Average exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly at an annual rate of 8.5% if each asset closes above its 60% coupon barrier on the observation date for that month.

The notes will be called at par if each asset closes at or above its initial level on any monthly review date beginning June 11, 2020.

The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 60% trigger level during the life of the notes, in which case investors be fully exposed to any losses of the least performing asset with a cap of par.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with contingent interest payments
Underlying assets:	Nasdaq-100 index, SPDR Dow Jones Industrial Average ETF, iShares MSCI Emerging Markets ETF
Amount:	$2,951,000
Maturity:	Dec. 16, 2024
Coupon:	8.5% per year, payable monthly if each asset closes at or above coupon barrier on observation date for that month
Price:	Par
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 investors will be fully exposed to any losses of the least performing asset
Call:	At par plus coupon if each asset finishes at or above initial level on any monthly call date beginning June 11, 2020
Initial levels:	8,402.609 for Nasdaq, $279.72 for Dow ETF and $43.68 for EM ETF
Coupon barriers:	5,041.565 for Nasdaq, $167.83 for Dow ETF and $26.21 for EM ETF, 60% of initial levels
Trigger levels:	5,041.565 for Nasdaq, $167.83 for Dow ETF and $26.21 for EM ETF, 60% of initial levels
Pricing date:	Dec. 11
Settlement date:	Dec. 16
Agent:	BMO Capital Markets Corp.
Fees:	0.6%
Cusip:	06367WTF0

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