Bank of Montreal plans 9.9996% autocallables linked to oil & gas ETF

By Angela McDaniels

Tacoma, Wash., June 4 – Bank of Montreal plans to price 9.9996% autocallable cash-settled notes due June 30, 2016 linked to the SPDR S&P Oil & Gas Exploration and Production exchange-traded fund, according to an FWP 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 closes below the trigger price, 70% of the initial share price, on any day during the life of the notes and finishes below 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 June 25 and settle June 30.

The Cusip number is 06366RP90.

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