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Bank of Montreal plans 12% autocallable cash-settled notes on gold ETF
New York, July 6 – Bank of Montreal plans to price 12% autocallable cash-settled notes with fixed-interest payments due July 29, 2016 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the fund closes 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 price at any time 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 July 28 and settle July 31.
The Cusip number is 06366RT62.
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