Bank of Montreal plans autocallable cash-settled notes with step-up call price on iShares MSCI EAFE

By Toni Weeks

San Luis Obispo, Calif., Sept. 30 - Bank of Montreal plans to price 0% autocallable cash-settled notes with step-up call price due Oct. 31, 2016 linked to the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

On either of three annual call dates, if the fund's level is greater than its initial level, the notes will be called. The call return will be 7.25% on Oct. 28, 2014, 14.5% on Oct. 27, 2015 and 21.75% on Oct. 26, 2016.

If the notes are not called, the payout at maturity will be par if the fund falls by up to 20%. Investors will share in losses if the final price is less than the 80% trigger level.

The notes (Cusip: 06366RRM9) are expected to price Oct. 28 and settle Oct. 31.

BMO Capital Markets Corp. is the agent.

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