By Sarah Lizee
Olympia, Wash., April 17 – Bank of Montreal priced $279,000 of autocallable yield notes with contingent coupons due April 15, 2025 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and 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 quarterly contingent coupon at an annual rate of 22% if each fund closes at or above its coupon barrier, 50% of its initial level, on the observation date for that period.
The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date after one year.
The payout at maturity will be par unless either fund finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable yield notes with contingent coupons
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $279,000
|
| Maturity: | April 15, 2025
|
| Coupon: | 22% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case investors will be fully exposed to any losses of least-performing fund
|
| Call: | Automatically at par if both funds close above their initial prices on a quarterly trigger observation date after one year
|
| Initial prices: | $28.95 for Gold Miners, $41.50 for Oil & Gas
|
| Coupon barrier levels: | $14.48 for Gold Miners, $20.75 for Oil & Gas; 50% of initial levels
|
| Knock-in levels: | $14.48 for Gold Miners, $20.75 for Oil & Gas; 50% of initial levels
|
| Pricing date: | April 9
|
| Settlement date: | April 15
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 5%
|
| Cusip: | 06367WYU1
|
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