New Issue: Bank of Montreal prices $10,000 autocallables linked to real estate ETF

By Angela McDaniels

Tacoma, Wash., Dec. 6 – Bank of Montreal priced $10,000 of 0% autocallable cash-settled notes with step-up call price due Nov. 29, 2019 linked to the iShares U.S. Real Estate exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Beginning Nov. 27, 2017, the notes will be called at par plus 10.35% per year if the ETF closes above its initial share price on any annual call date.

If the notes are not called, the payout at maturity will be par unless the ETF finishes below its trigger price, 85% of its 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:	iShares U.S. Real Estate ETF
Amount:	$10,000
Maturity:	Nov. 29, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless ETF finishes below trigger price, in which case full exposure to ETF’s decline
Call:	Automatically at par plus 10.35% per year if ETF closes above initial share price on Nov. 27, 2017, Nov. 27, 2018 or Nov. 25, 2019
Initial share price:	$75.18
Trigger level	$63.90, or 85% of initial share price
Pricing date:	Nov. 28
Settlement date:	Nov. 30
Agent:	BMO Capital Markets Corp.
Fees:	1.2%
Cusip:	06367TNC0

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