BMO plans 6.9% autocallable cash-settled notes tied to SPDR S&P Bank

By Susanna Moon

Chicago, May 17 – Bank of Montreal plans to price 6.9% autocallable cash-settled notes with fixed interest payments due May 31, 2018 linked to the SPDR S&P Bank exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par plus the coupon if the fund closes above its 110% call level on any monthly call date.

The payout at maturity will be par plus the coupon due unless the fund finishes below its 80% trigger level, in which case investors will lose 1% for each 1% decline.

BMO Capital Markets Corp. is the agent.

The notes will price on May 25 and settle on May 31.

The Cusip number is 06367TWT3.

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