By Susanna Moon
Chicago, Aug. 2 – Bank of Montreal priced $1.42 million of autocallable barrier notes with contingent coupons due Oct. 31, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual of 9% if the fund closes at or above its 75% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if the fund closes at or above its 110% call level on any call valuation date after six months.
The payout at maturity will be par plus the final coupon unless the fund falls by more than 25%, in which case investors will be exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1.42 million
|
| Maturity: | Oct. 31, 2019
|
| Coupon: | 9% annualized, payable monthly if fund closes at or above its 75% coupon barrier on observation date for that month
|
| Price: | Par
|
| Call: | At par plus contingent coupon if fund closes at or above 110% call level on any observation date beginning in January 2019
|
| Payout at maturity: | Par unless fund falls by more than 25%, in which case 1% loss per 1% decline
|
| Initial level: | $43.13
|
| Barrier level: | $32.35, 75% of initial level
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.25%
|
| Cusip: | 06367T6Y1
|
|
|
|
|
© 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.
