Bank of Montreal plans 8.7% autocallables linked to metals, mining ETF

By Angela McDaniels

Tacoma, Wash., Aug. 29 – Bank of Montreal plans to price 8.7% autocallable cash-settled notes with fixed interest payments due Sept. 29, 2017 linked to the SPDR S&P Metals and Mining exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Beginning April 25, 2017, the notes will be automatically called at par if the ETF’s shares close 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 final share price is less than the initial share price and the ETF closes below the trigger price, 70% of the initial share price, on any day during the life of the notes, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.

BMO Capital Markets Corp. is the agent.

The notes will Sept. 27.

The Cusip number is 06367TKC3.

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