By Susanna Moon
Chicago, April 24 – Bank of Montreal priced $1.48 million of autocallable barrier notes with contingent coupon due May 24, 2019 linked to the PowerShares QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.5% if the fund closes at or above its 85% coupon barrier on the observation date for that month.
The notes will be called at par if the fund closes at or above its 105% call level on any monthly observation date after six months.
The payout at maturity will be par unless the fund closes below its 85% trigger level, in which case investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying fund: | PowerShares QQQ Trust, series 1
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| Amount: | $1.48 million
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| Maturity: | May 24, 2019
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| Coupon: | 8.5%, payable monthly if fund closes at or above 85% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless fund dips below trigger, in which case 1% loss per 1% decline
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| Call: | At par plus the coupon if fund closes above 105% call level on any monthly call date beginning in October 2018
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| Initial level: | $164.91
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| Trigger level: | $140.17, 85% of initial level
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| Pricing date: | April 19
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| Settlement date: | April 24
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 06367T5C0
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