By Marisa Wong
Morgantown, W.Va., Aug. 2 – Bank of Montreal priced $501,000 of 12.6% autocallable cash-settled notes with fixed interest payments due July 31, 2017 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the fund finishes above the 110% call level on any monthly call date, the notes will be called at par plus the coupon.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below the 65% trigger level during the life of the notes, in which case investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with fixed interest payments
|
| Underlying ETF: | VanEck Vectors Gold Miners ETF
|
| Amount: | $501,000
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| Maturity: | July 31, 2017
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| Coupon: | 12.6%, payable monthly
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless the fund finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses
|
| Call: | At par plus the coupon if the fund finishes above the 110% call level on any monthly call date
|
| Initial price: | $28.50
|
| Trigger price: | $18.53, 65% of initial price
|
| Pricing date: | July 26
|
| Settlement date: | July 29
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.6%
|
| Cusip: | 06367TGQ7
|
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