By Angela McDaniels
Tacoma, Wash., Sept. 30 – Bank of Montreal priced $169,000 of 12% autocallable cash-settled notes due Sept. 30, 2016 linked to the SPDR S&P Oil & Gas Exploration and Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Jan. 26, the notes will be called at par if the ETF closes above the call level, 110% of the initial share price, on any monthly call date.
If the notes are not called, the payout at maturity will be par unless the ETF closes below the trigger price, 65% of the initial share price, on any day during the life of the notes and the final share price is less than the initial share price, in which case investors will be fully exposed to the ETF’s decline.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration and Production ETF
|
| Amount: | $169,000
|
| Maturity: | Sept. 30, 2016
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF closes below trigger price on any day during life of notes and final share price is less than initial share price, in which case full exposure to ETF’s decline
|
| Call: | Beginning Jan. 26, automatically at par if ETF closes above call level on any monthly call date
|
| Initial share price: | $33.47
|
| Call level: | 110% of initial share price
|
| Trigger price: | $21.76, 65% of initial share price
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.1%
|
| Cusip: | 06366RZ40
|
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