By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Bank of Montreal priced $1.94 million of 10.8% autocallable cash-settled notes with fixed interest payments due July 31, 2018 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 is payable monthly.
The notes will be called at par if the fund closes above its 110% call level on any monthly review date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 75% trigger level during the life of the notes, in which case investors be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with fixed interest payments
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,942,000
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| Maturity: | July 31, 2018
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| Coupon: | 10.8%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless the fund finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses
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| Call: | At par plus the coupon if the fund finishes above the 110% call level on any monthly call date
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| Initial price: | $36.58
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| Trigger price: | $24.44, 75% of initial price
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367TYU8
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