Bank of Montreal to price 12.6% autocallables linked to S&P, oil ETF

By Angela McDaniels

Tacoma, Wash., March 10 – Bank of Montreal plans to price 12.6% autocallable cash-settled notes due March 31, 2017 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration and Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Beginning Oct. 26, 2016, the notes will be called at par if each underlying asset closes above its call level, 110% of its initial level, on any monthly call date.

If the notes are not called, the payout at maturity will be par unless either underlying asset finishes below its trigger level, 70% of its initial level, in which case investors will be fully exposed to the decline of the lesser-performing underlying asset.

BMO Capital Markets Corp. is the agent.

The notes are expected to price March 28.

The Cusip number is 06367TBT6.

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