By Kiku Steinfeld
Chicago, Dec. 13 – Bank of Montreal priced $218,000 of autocallable barrier notes with contingent coupons due Feb. 28, 2023 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 11.75% per year if each fund’s share price is at least 55% of the initial share price on the observation date for that month.
The notes will be automatically redeemed at par if each ETF’s shares close at or above its initial share price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless either fund finishes below its initial level and either fund ever closes below 55% of its initial share price, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF and Energy Select Sector SPDR fund
|
| Amount: | $218,000
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | 11.75% per year, payable monthly if each fund’s share price is at or above the coupon barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its initial level and either fund ever closes below its trigger level, in which case investors will lose 1% for each 1% decline of the least performing fund
|
| Call: | At par if funds close at or above initial prices on any monthly observation date after six months
|
| Initial prices: | $104.37 for Oil & Gas, $57.35 for Energy
|
| Coupon barrier/trigger prices: | $57.40 for Oil & Gas, $31.54 for Energy, 55% of initial prices
|
| Pricing date: | Nov. 23
|
| Settlement date: | Nov. 30
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.75%
|
| Cusip: | 06368G3Y1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
