Bank of Montreal plans 9.96% autocallable cash-settled notes on SPDR S&P Oil & Gas

By Toni Weeks

San Luis Obispo, Calif., May 5 – Bank of Montreal plans to price 9.96% autocallable cash-settled notes with fixed-interest payments due May 31, 2016 linked to the SPDR S&P Oil & Gas Exploration and Production exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the fund finishes above the 110% call level on any monthly call date, the notes will be called at par plus the coupon.

If the notes are not called, the payout at maturity will be par unless the fund closes below the 70% trigger level during the life of the notes and finishes below the initial price, in which case investors will be fully exposed to the decline in the fund from its initial price.

BMO Capital Markets Corp. is the agent.

The notes will price May 22 and settle May 29.

The Cusip number is 06366RL45.

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