New Issue: BMO prices $5.43 million conditional interest autocallables linked to indexes, ETFs

By Angela McDaniels

Tacoma, Wash., Jan. 15 – Bank of Montreal priced $5.43 million of autocallable cash-settled notes with conditional interest payments due April 16, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index, the VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a conditional coupon at the rate of 14% per year if each underlying asset closes at or above its trigger level, 65% of its initial level, on the observation date for that month.

Beginning July 11, 2019, the notes will be automatically called at par if each underlying asset closes at or above its initial level on any monthly call date.

If the notes are not called, the payout at maturity will be par unless any underlying asset closes below its trigger level during the life of the notes and any underlying asset finishes below its initial level, in which case investors will be exposed to the decline of the least-performing underlying asset from its initial level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with conditional interest payments
Underliers:	S&P 500 index, Russell 2000 index, VanEck Vectors Gold Miners ETF and iShares MSCI Emerging Markets ETF
Amount:	$5,433,000
Maturity:	April 16, 2020
Coupon:	14% per year, payable monthly if each underlying asset closes at or above trigger level on observation date for that month
Price:	Par
Payout at maturity:	Par unless any underlying asset closes below trigger level during life of notes and any underlying asset finishes below initial level, in which case exposure to decline of least-performing underlying asset from initial level
Call:	Beginning July 11, 2019, automatically at par if each underlying asset closes at or above initial level on any monthly call date
Initial levels:	2,596.26 for S&P 500, 1,447.385 for Russell 2000, $21.08 for gold miners ETF and $40.73 for emerging markets ETF
Trigger levels:	1,687.57 for S&P 500, 940.800 for Russell 2000, $13.70 for gold miners ETF and $26.47 for emerging markets ETF; 65% of initial levels
Pricing date:	Jan. 11
Settlement date:	Jan. 16
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06367WGS6

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