Published on 11/30/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $587,000 autocallable cash-settled notes on two ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Bank of Montreal priced $587,000 of autocallable cash-settled notes with conditional interest payments due Nov. 30, 2021 linked to the least 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.
Interest is payable quarterly at an annual rate of 11% if each ETF closes above its 65% coupon barrier on the observation date that quarter.
The notes will be called at par if each asset closes above its initial level on any quarterly review date.
The payout at maturity will be par unless either asset finishes below its 65% trigger level, in which case investors be fully exposed to any losses of the least performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF
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| Amount: | $587,000
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| Maturity: | Nov. 30, 2021
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| Coupon: | 11%, payable quarterly if each ETF closes above coupon barrier on related observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either asset finishes below its trigger level, in which case investors will be fully exposed to any losses of the least performing asset
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| Call: | At par plus the coupon if each asset finishes above its initial level on any quarterly call date
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| Initial levels: | $34.42 for oil & gas, $23.05 for Gold Miners
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| Barriers/triggers: | $22.37 for oil & gas, $14.98 for Gold Miners; 65% of initial levels
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3%
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| Cusip: | 06367TM98
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