Bank of Montreal to price 12% autocallables linked to oil & gas ETF

By Marisa Wong

Madison, Wis., April 17 – Bank of Montreal plans to price 12% autocallable cash-settled notes due April 29, 2016 linked to the SPDR S&P Oil & Gas Exploration and Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par if the ETF closes above the call level, 110% of the initial share price, on any monthly call date.

If the notes are not called, the payout at maturity will be par unless the ETF finishes below the trigger price, 70% of the initial share price, in which case investors will be fully exposed to the ETF’s decline.

BMO Capital Markets Corp. is the agent.

The notes are expected to price on April 27 and settle on April 30.

The Cusip number is 06366RG82.

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