Published on 4/1/2016 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $651,000 12.6% cash-settled autocallables linked to gold miners ETF
By Angela McDaniels
Tacoma, Wash., April 1 – Bank of Montreal priced $651,000 of 12.6% autocallable cash-settled notes with fixed interest payments due March 31, 2017 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Oct. 26, 2016, the notes will be called at par if the ETF closes above its call level, 110% of its initial share price, on any monthly call date.
If the notes are not called, the payout at maturity will be par unless the ETF’s final share price is less than its initial share price and it closes below the trigger price, 60% of its initial share price, on any day during the life of the notes, in which case investors will be fully exposed to the decline of the ETF.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable cash-settled notes
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Underlying ETF: | Market Vectors Gold Miners ETF
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Amount: | $651,000
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Maturity: | March 31, 2017
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Coupon: | 12.6%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless ETF closes below trigger price on any day during life of notes and finishes below initial price, in which case full exposure to ETF’s decline from initial price
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Call: | Beginning Oct. 26, 2016, notes will be called automatically at par if ETF closes above call level, 110% of initial share price, on any monthly call date
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Initial price: | $19.42
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Trigger price: | $11.65, 60% of initial level
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06367TBC3
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