By Taylor Fox
New York, Dec. 24 – Bank of Montreal priced $111,000 of autocallable barrier notes with contingent coupons due Jan. 10, 2022 linked to the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 8.5% per year if each fund’s share price is greater than 60% of the initial share price on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if each ETF closes above its initial share price on any monthly observation date beginning on June 7.
If the notes are not called, the payout at maturity will be par unless the final share price of either fund is less than 60% of the initial share price, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $111,000
|
| Maturity: | Jan. 10, 2022
|
| Coupon: | 8.5% per year, payable monthly if each fund’s share price is greater than 60% of the initial share price on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless the final share price of either fund is less than 60% of the initial share price, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund
|
| Call: | At par plus contingent coupon if funds close above initial prices on any monthly observation date beginning on June 7
|
| Initial prices: | $36.50 for Gold Miners, $53.68 for Junior Gold Miners
|
| Coupon barrier/trigger levels: | $21.90 for Gold Miners, $32.21 for Junior Gold Miners, 60% of initial prices
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 10
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.65%
|
| Cusip: | 06368E6R8
|
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