New Issue: Bank of Montreal prices $184,000 9% cash-settled autocallables linked to biotech ETF

By Angela McDaniels

Tacoma, Wash., April 1 – Bank of Montreal priced $184,000 of 9% autocallable cash-settled notes with fixed interest payments due March 31, 2017 linked to the iShares Nasdaq Biotechnology 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, 75% 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
Issue:	Autocallable cash-settled notes
Underlying ETF:	iShares Nasdaq Biotechnology ETF
Amount:	$184,000
Maturity:	March 31, 2017
Coupon:	9%, payable monthly
Price:	Par
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
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
Initial price:	$252.08
Trigger price:	$189.06, 75% of initial level
Pricing date:	March 28
Settlement date:	March 31
Agent:	BMO Capital Markets Corp.
Fees:	0.6%
Cusip:	06367TBD1

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