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Bank of Montreal plans autocallable cash-settled notes with step-up call price on Gold Miners
By Marisa Wong
Madison, Wis., Sept. 26 - Bank of Montreal plans to price 4% autocallable cash-settled notes with step-up call price due Oct. 30, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable on Oct. 31, 2014 and at maturity.
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 10% on Oct. 28, 2014 and 20% on Oct. 27, 2015.
If the notes are not called, the payout at maturity will be par if the fund falls by up to 22.5%. Investors will share in losses if the final price is less than the 77.5% trigger level.
The notes (Cusip: 06366RRF4) are expected to price on Oct. 28 and settle on Oct. 31
BMO Capital Markets Corp. is the agent.
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