By Wendy Van Sickle
Columbus, Ohio, June 29 – Bank of Montreal priced $1.79 million of 9.9% autocallable cash-settled notes with fixed interest payments due June 29, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production 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 if the fund closes above its 110% call level on any monthly review date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 75% trigger level during the life of the notes, 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 fixed interest payments
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,794,000
|
| Maturity: | June 29, 2018
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| Coupon: | 9.9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls and ever dips below trigger, in which case full exposure to any losses
|
| Call: | At par plus the coupon if fund closes above the 110% call level on any monthly call date
|
| Initial price: | $31.13
|
| Trigger price: | $23.35, 75% of initial price
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.60%
|
| Cusip: | 06367TXT2
|
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