Published on 9/3/2019 in the Prospect News Structured Products Daily.
New Issue: BMO sells $3.09 million autocallable cash-settled notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 3 – Bank of Montreal priced $3.09 million of autocallable cash-settled notes with contingent interest payments due Nov. 30, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index, the VanEck Vectors Gold Miners 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 17% if each asset closes above its 65% 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 Feb. 25, 2020.
The payout at maturity will be par unless any asset finishes below its initial level and any asset ever closes below its 65% trigger level 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: | S&P 500 index, Russell 2000 index, VanEck Vectors Gold Miners ETF, iShares MSCI Emerging Markets ETF
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Amount: | $3,091,000
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Maturity: | Nov. 30, 2020
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Coupon: | 17%, payable monthly if each asset closes at or above coupon barrier on observation date for that month
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Price: | Par
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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 investors will be fully exposed to any losses of the least performing asset
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Call: | At par plus the coupon if each asset finishes at or above its initial level on any monthly call date beginning Feb. 25, 2020
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Initial levels: | 2,887.94 for S&P, 1,472.713 for Russell, $30.41 for gold ETF and $39.44 for EM ETF
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Coupon barriers: | 1,877.16 for S&P, 957.263 for Russell, $19.77 for gold ETF and $25.64 for EM ETF; 65% of initial levels
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Trigger levels: | 1,877.16 for S&P, 957.263 for Russell, $19.77 for gold ETF and $25.64 for EM ETF; 65% of initial levels
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Pricing date: | Aug. 28
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Settlement date: | Aug. 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06367WPP2
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