BMO plans 10% contingent cash-settled autocallables linked to funds

By Susanna Moon

Chicago, Jan. 9 – Bank of Montreal plans to price autocallable cash-settled notes with conditional interest payments due Jan. 31, 2022 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% if each fund closes at or above its 65% coupon barrier on the review date for that quarter.

The notes will be called at par plus the coupon if each fund closes above the initial level on any call date.

The payout at maturity will be par unless either fund finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing fund.

BMO Capital Markets Corp. is the agent.

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

The Cusip number is 06367TU99.

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