By Sarah Lizee
Olympia, Wash., Oct. 25 – Bank of Montreal priced $1.79 million of autocallable notes with contingent interest payments due Oct. 25, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual of 5.2% if the index closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning in April 2020.
The payout at maturity will be par unless the index falls below its 60% trigger level, in which case investors will be exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable notes with contingent interest payments
|
| Underlying index: | S&P 500 index
|
| Amount: | $1.79 million
|
| Maturity: | Oct. 25, 2022
|
| Coupon: | 5.2% per year, payable for each quarter that index closes at or above 60% of its initial level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon payment unless index falls by more than 40%, in which case full exposure to decline
|
| Call: | At par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning in April 22, 2020
|
| Initial level: | 2,755.88
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 25
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | None
|
| Cusip: | 06367WCR2
|
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