Bank of Montreal plans autocallable cash-settled notes on Russia ETF

By Marisa Wong

Madison, Wis., May 29 - Bank of Montreal plans to price 0% autocallable cash-settled notes with step-up call price due June 30, 2017 linked to the Market Vectors Russia exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund's level is greater than the initial level on any semiannual call date, the notes will be called. The call return will be 9% per year.

If the notes are not called, the payout at maturity will be par if the fund falls by up to 25%. Investors will share in losses from the initial level if the final price is less than the 75% trigger level.

BMO Capital Markets Corp. is the agent.

The notes are expected to price June 25 and settle June 30.

The Cusip number is 06366RUL7.

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