By Tali Rackner
Norfolk, Va., Feb. 9 – Bank of Montreal priced $161,000 of 10.8% autocallable cash-settled notes with fixed interest payments due Jan. 31, 2018 linked to SPDR S&P Metals and Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the fund closes above the 110% call level on any monthly call date.
The payout at maturity will be par plus the coupon due unless the fund finishes below its initial level and closes below the 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with fixed interest payments
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| Underlying fund: | SPDR S&P Metals and Mining ETF
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| Amount: | $161,000
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| Maturity: | Jan. 31, 2018
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| Coupon: | 10.8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below its initial level and ever closes below the 70% trigger level during the life of the notes, in which case full exposure to any losses
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| Call: | At par plus the coupon if the fund finishes above the 110% call level on any monthly call date
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| Initial price: | $33.32
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| Trigger price: | $23.32, 70% of initial level
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367TRE2
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