BMO plans 12% autocallable cash-settled notes tied to oil and gas ETF

By Wendy Van Sickle

Columbus, Ohio, Feb. 3 – Bank of Montreal plans to price 12% autocallable cash-settled notes due Feb. 28, 2017 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the fund finishes above the 110% call level on any of six monthly call dates from September 2016 through February 2017, the notes will be called at par plus the coupon.

The payout at maturity will be par plus the coupon due unless the fund finishes below the 65% trigger level, in which case investors will be fully exposed to the loss.

BMO Capital Markets Corp. is the agent.

The notes will price on Feb. 24 and settle on Feb. 29.

The Cusip number is 06367TAB6.

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