BMO plans 10.8% autocallable cash-settled notes on oil and gas ETF

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Bank of Montreal plans to price 10.8% autocallable cash-settled notes with fixed interest payments due Oct. 31, 2017 linked to the SPDR S&P Oil&Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the fund finishes above the 110% call level on any monthly call date, the notes will be called at par plus the coupon.

The payout at maturity will be par unless the fund finishes below initial level and ever closes below the 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses.

BMO Capital Markets Corp. is the agent.

The notes will price on Oct. 26 and settle on Oct. 31.

The Cusip number is 06367TLJ7.

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