Published on 6/7/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $2.07 million cash-settled autocallables on gold, oil funds
By Susanna Moon
Chicago, June 7 – Bank of Montreal priced $2.07 million of autocallable cash-settled notes with conditional interest payments due May 29, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund 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 contingent monthly coupon at an annual rate of 12.2% if each fund closes at or above its 60% coupon barrier level on any observation date for that month.
The notes will be called at par if each fund closes above its initial level on any review date.
The payout at maturity will be par unless either fund finishes below its 60% trigger level, in which case investors be fully exposed to any losses of the worse performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
|
| Amount: | $2,074,000
|
| Maturity: | May 29, 2020
|
| Coupon: | 12.2%, payable monthly, if each fund closes above coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls below trigger, in which case full exposure to any losses of worse performing fund
|
| Call: | At par if each fund closes above initial level on any call date
|
| Initial levels: | $33.85 for oil fund, $22.71 for gold fund
|
| Trigger levels: | $20.31 for oil fund, $13.63 for gold fund, 60% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3%
|
| Cusip: | 06367TWA4
|
|
|
|
|
© 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.
