By Marisa Wong
Madison, Wis., May 28 – Bank of Montreal priced $1.11 million of 12.96% autocallable cash-settled notes with fixed interest payments due May 31, 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 is payable monthly.
If the fund closes above the 110% call level on any monthly call date, the notes will be called at par plus the coupon.
If the notes are not called, the payout at maturity will be par unless the fund closes below the 70% trigger level during the life of the notes and finishes below the initial price, in which case investors will be fully exposed to the decline in the fund from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with fixed interest payments
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration and Production ETF
|
| Amount: | $1,105,000
|
| Maturity: | May 31, 2016
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| Coupon: | 12.96%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless fund closes below trigger level during the life of the notes and finishes below the initial price, in which case full exposure to the decline from the initial price
|
| Call: | At par if fund closes above call level on any monthly call date
|
| Initial price: | $50.76
|
| Trigger price: | $35.53, 70% of initial price
|
| Call price: | $55.84, 110% of initial price
|
| Pricing date: | May 22
|
| Settlement date: | May 29
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.6%
|
| Cusip: | 06366RL52
|
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