By Tali Rackner
Minneapolis, Sept. 15 – Bank of Montreal priced $1.89 million of 9.7% autocallable cash-settled notes with fixed interest payments due Oct. 5, 2018 linked to the VanEck Vectors Gold Miners 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 initial level on any monthly call date beginning March 5, 2018.
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 lose 1% for each 1% decline.
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 ETF: | VanEck Vectors Gold Miners ETF
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| Amount: | $1,875,000
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| Maturity: | Oct. 5, 2018
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| Coupon: | 9.7%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless the fund finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses
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| Call: | At par plus the coupon if the fund finishes above its initial level on any monthly call date
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| Initial price: | $24.16
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| Trigger price: | $16.91, 70% of initial price
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| Pricing date: | Aug. 30
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| Settlement date: | Sept. 5
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TD23
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