By Kiku Steinfeld
Chicago, Dec. 2 – Bank of Montreal priced $1.15 million of autocallable barrier notes with contingent coupons due Dec. 29, 2023 linked to the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 9.6% per year if each ETF’s closing level is at least 65% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if each ETF closes above its initial level on any monthly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its 65% trigger value during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $1,152,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 9.6% per year, payable monthly if each ETF’s closing level is at or above its coupon barrier level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below its trigger value during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level
|
| Call: | At par plus contingent coupon if ETFs close above initial levels on any monthly observation date after six months
|
| Initial levels: | $37.70 for Gold Miners, $46.28 Junior Gold Miners
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| Coupon barrier levels: | $24.51 for Gold Miners, $30.08 for Junior Gold Miners; 65% of initial levels
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| Trigger levels: | $24.51 for Gold Miners, $30.08 for Junior Gold Miners; 65% of initial levels
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| Pricing date: | March 28
|
| Settlement date: | March 31
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.55%
|
| Cusip: | 06368GLL9
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