BMO to price autocallable notes with step-up call price on oil ETF

By Sarah Lizee

Olympia, Wash., July 10 – Bank of Montreal plans to price 0% autocallable notes with step-up call price due July 29, 2022 linked to the SPDR S&P Oil & Gas Exploration and Production ETF, according to an FWP filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium of 14.35% per year if the ETF closes at or above the initial price on any annual call valuation date, starting July 24, 2020.

If the notes are not called, the payout at maturity will be par unless the ETF finishes below 60% of its initial price.

BMO Capital Markets is the agent.

The notes will price on July 26.

The Cusip number is 06367WNA7.

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