By Angela McDaniels
Tacoma, Wash., July 8 – Bank of Montreal priced $967,000 of autocallable barrier notes with contingent coupons due Sept. 30, 2020 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the VanEck Vectors Junior Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8.64% per year if each ETF closes at or above its trigger price, 70% of its initial share price, on the observation date for that month.
Beginning Dec. 23, the notes will be automatically called at par plus the contingent coupon if each ETF closes above its initial share price on any monthly observation date.
The payout at maturity will be par unless either ETF closes below its trigger price during the life of the notes and the final share price of the lesser-performing ETF is less than its initial share price, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underliers: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $967,000
|
| Maturity: | Sept. 30, 2020
|
| Coupon: | 8.64% per year, payable monthly if each ETF closes at or above trigger price on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below trigger price during life of notes and final share price of lesser-performing ETF is less than initial share price, in which case 1% loss for every 1% that lesser-performing ETF declines from initial share price
|
| Call: | Beginning Dec. 23, notes will be automatically called at par plus contingent coupon if each ETF closes above initial share price on any monthly observation date
|
| Initial share prices: | $25.63 for gold miners ETF and $34.89 for junior gold miners ETF
|
| Trigger prices: | $17.94 for gold miners ETF and $24.42 for junior gold miners ETF, or 70% of initial share prices
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.25%
|
| Cusip: | 06367WLT8
|
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