BMO plans contingent 8.1% barrier autocallables tied to SPDR S&P Oil

By Susanna Moon

Chicago, Nov. 8 – Bank of Montreal plans to price autocallable barrier notes with contingent coupon due Dec. 31, 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.

The notes will pay a contingent monthly coupon at an annual rate of 8.1% if each stock closes at or above its 75% coupon barrier on the observation date for that month.

The notes will be called at par if the fund closes at or above its 110% call level on any monthly observation date beginning in May 2018.

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 will be fully exposed to any losses.

BMO Capital Markets Corp. is the agent.

The notes will price on Nov. 27 and settle on Nov. 31.

The Cusip number is 06367TN30.

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