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Bank of Montreal plans autocallable cash-settled notes with step-up call price on gold fund
By Toni Weeks
San Luis Obispo, Calif., July 9 - Bank of Montreal plans to price 0% autocallable cash-settled notes with step-up call price due July 31, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
On either of two annual call dates, if the fund's level is greater than the initial level, the notes will be called. The call return will be 18.25% on July 28, 2014 and 36.5% on July 28, 2015.
If the notes are not called, the payout at maturity will be par if the fund falls by up to 30%. Investors will share in losses if the final price is less than the 70% trigger level.
The notes (Cusip: 06366RPV1) are expected to price July 26 and settle July 31.
BMO Capital Markets Corp. is the agent.
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