By Wendy Van Sickle
Columbus, Ohio, July 20 – Bank of Montreal priced $824,000 of 10.2% autocallable cash-settled notes with conditional interest payments due Oct. 4, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 10.2% if the underlying fund closes at or above its 70% coupon barrier level 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 review date beginning on Jan. 2, 2019.
The payout at maturity will be par unless the fund ever closes below its 70% 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 conditional interest payments
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $824,000
|
| Maturity: | Oct. 4, 2019
|
| Coupon: | 10.2%, payable quarterly if ETF closes above coupon barrier on related observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless fund finishes below its trigger level, in which case investors will be fully exposed to losses
|
| Call: | At par plus the coupon if fund finishes above 110% of its initial level on any quarterly call date beginning Jan. 2, 2019
|
| Initial level: | $43.06
|
| Barriers/trigger: | $30.14; 70% of initial level
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.75%
|
|
|
| Cusip: | 06367T6V7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
