Bank of Montreal plans cash-settled autocallables on iShares MSCI EAFE

By Angela McDaniels

Tacoma, Wash., Aug. 1 - Bank of Montreal plans to price 0% autocallable cash-settled notes with step-up call price due Aug. 31, 2015 linked to the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically redeemed if the exchange-traded fund's closing share price is greater than the initial share price on any call date. The call return will be 8.25% if the notes are called on Aug. 27, 2014 or 16.5% if they are called on Aug. 27, 2015.

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

BMO Capital Markets Corp. is the agent.

The notes are expected to price Aug. 28 and settle Aug. 30.

The Cusip number is 06366RQM0.

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