New Issue: Bank of Montreal prices $25,000 autocallables linked to Market Vectors Gold Miners ETF

By Angela McDaniels

Tacoma, Wash., Feb. 26 - Bank of Montreal priced $25,000 of 0% autocallable cash-settled notes with step-up call price due Feb. 27, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus 14% per year if the ETF closes above its initial share price on Feb. 25, 2014 or Feb. 24, 2015.

If the notes are not called, the payout at maturity will be par unless the final share price is less than the trigger price, in which case investors will be fully exposed to the ETF's decline from its initial level. The trigger price is 85% of the initial share price.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with step-up call price
Underlying ETF:	Market Vectors Gold Miners ETF
Amount:	$25,000
Maturity:	Feb. 27, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless final share price is less than trigger price, in which case full exposure to ETF's decline from initial level
Call:	Automatically at par plus 14% per year if ETF closes above initial share price on Feb. 25, 2014 or Feb. 24, 2015
Initial share price:	$37.92
Trigger price:	$32.23, 85% of initial share price
Pricing date:	Feb. 22
Settlement date:	Feb. 28
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366RLH6

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