By Wendy Van Sickle
Columbus, Ohio, May 26 – Bank of Montreal priced $2.03 million of 10.8% autocallable cash-settled notes with fixed interest payments due May 31, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the fund closes above its 110% call level on any monthly review date.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below its 70% trigger level during the life of the notes, in which case investors be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with fixed interest payments
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| Underlying fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $2,029,000
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| Maturity: | May 31, 2018
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| Coupon: | 10.8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless fund falls and ever dips below trigger, in which case full exposure to any losses
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| Call: | At par plus the coupon if fund closes above the 110% call level on any monthly call date
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| Initial price: | $22.71
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| Trigger price: | $15.90, 70% of initial price
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367TWE6
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