By Tali Rackner
Norfolk, Va., July 5 – Bank of Montreal priced $4,000 of 6.6% autocallable cash-settled notes with fixed interest payments due June 30, 2017 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the trust finishes above the 110% call level on any monthly call date beginning Jan. 26, 2017, the notes will be called at par plus the coupon.
The payout at maturity will be par unless the trust finishes below the 77.5% trigger level at any time during life of the notes and finishes below initial price, in which case investors will 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 asset: | iShares Silver Trust
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| Amount: | $4,000
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| Maturity: | June 30, 2017
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| Coupon: | 6.6%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless trust closes below 77.5% trigger price at any time during life of the notes and finishes below initial price, in which case full exposure to trust’s decline from its initial price
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| Call: | At par plus the coupon if trust closes above 110% call level on any monthly call date beginning Jan. 26, 2017
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| Initial price: | $16.87
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| Trigger price: | $13.07, 77.5% of initial level
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06367TFQ8
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