Bank of Montreal plans 12% autocallable cash-settled notes on Gold Miners ETF

By Tali Rackner

Norfolk, Va., May 10 – Bank of Montreal plans to price 12% autocallable cash-settled notes with fixed interest payments due May 31, 2017 linked to the Market Vectors Gold Miners 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.

The payout at maturity will be par unless the fund finishes below the 65% trigger level, in which case investors will be fully exposed to any losses.

BMO Capital Markets Corp. is the agent.

The notes will price on May 26 and settle on May 31.

The Cusip number is 06367TDX5.

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