New Issue: BMO sells $125,000 cash-settled autocallables on iShares U.S. Real Estate

By Tali Rackner

Norfolk, Va., Feb. 3 – Bank of Montreal priced $125,000 of 0% autocallable cash-settled notes with step-up call price due Jan. 31, 2020 linked to iShares U.S. Real Estate exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annual call premium of 9.5% if the fund closes above its initial level on any annual call date.

The payout at maturity will be par unless the fund finishes below its 85% trigger level, in which case investors be fully exposed to any losses.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with step-up call price
Underlying ETF:	iShares U.S. Real Estate
Amount:	$125,000
Maturity:	Jan. 31, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless the fund finishes below 85% trigger, in which case full exposure to any losses
Call:	At par plus 9.5% per year if the fund finishes above the initial level on any of three annual call dates
Initial price:	$77.70
Trigger price:	$66.05, 85% of initial level
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	BMO Capital Markets Corp.
Fees:	3.2%
Cusip:	06367TRF9

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