By Kiku Steinfeld
Chicago, June 1 – Bank of Montreal priced $2.58 million of autocallable cash-settled notes with conditional interest payments due Sept. 2, 2021 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a conditional monthly coupon at an annual rate of 21.9% if each asset closes at or above its 65% coupon barrier level on any observation date for that month.
The notes will be called at par if each asset closes above its initial level on any monthly call date beginning Nov. 27.
The payout at maturity will be par plus any coupon unless either asset finishes below its initial level and either asset ever closes below its 60% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the lesser-performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying assets: | VanEck Vectors Gold Miners ETF and Russell 2000 index
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| Amount: | $2,579,000
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| Maturity: | Sept. 2, 2021
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| Coupon: | 21.9% payable monthly if each asset closes above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless either asset finishes below its initial level and either asset ever closes below its trigger level during life of notes, in which case full exposure to any losses of lesser-performing asset
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| Call: | At par if each asset closes above its initial level on any call date beginning Nov. 27
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| Initial levels: | 1,400.673 for index, $34.00 for ETF
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| Coupon barriers: | 910.437 for index, $22.10 for ETF; 65% of initial levels
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| Triggers: | 840.404 for index, $20.40 for ETF; 60% of initial levels
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| Pricing date: | May 28
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| Settlement date: | June 2
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367WL92
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