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Bank of Montreal plans cash-settled autocallables with step-up call price on iShares Russell 2000
By Toni Weeks
San Diego, Sept. 6 - Bank of Montreal plans to price 0% autocallable cash-settled notes with step-up call price due Sept. 29, 2014 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.
On any semiannual call date, if the fund's level is greater than the initial level, the notes will be called. The call return will be 5.5% on March 25, 2013, 11% on Sept. 25, 2013, 16.5% on March 26, 2014 and 22% on Sept. 24, 2014.
If the notes are not called, the payout at maturity will be par if the fund falls by up to 35%. Investors will share in losses if the final price is less than the 65% trigger level.
The notes (Cusip: 06366RGHN8) are expected to price Sept. 25 and settle Sept. 28.
BMO Capital Markets Corp. is the agent.
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