BMO to sell autocallable barrier notes with contingent coupon on indexes, gold miners ETF

By Emma Trincal

New York, March 8 – Bank of Montreal plans to price autocallable barrier notes with contingent coupons due June 13, 2022 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the VanEck Vectors Gold Miners ETF, according to an FWP filing with the Securities and Exchange Commission.

Every month, the notes will pay a coupon equal to 14% per year if each underlying asset’s closing level is at least 65% of the initial level on the observation date for that period.

The notes will be automatically redeemed at par plus the contingent coupon if each underlying asset closes above its initial level on any monthly observation date after six months.

If the notes are not called, the payout at maturity will be par unless the final level of any asset is below its initial level or no asset closes below 60% of its initial level at any point during the life of the notes, in which case investors will lose 1% for each 1% decline in the final level from the initial level of the least underlying asset.

BMO Capital Markets Corp. is the agent.

The notes were expected to price on March 8 and to settle on March 11.

The Cusip number is 06368EGN6.

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