By Wendy Van Sickle
Columbus, Ohio, June 29 – Bank of Montreal priced $164,000 autocallable cash-settled notes with conditional-interest payments due June 30, 2017 linked to the lesser performing of the S&P 500 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly at an annual rate of 10.2% if each asset closes above its 75% coupon barrier on the observation date for that month.
The notes will be called at par plus the coupon if each underlying asset finishes above the 110% call level on any call date beginning Jan. 26, 2017.
The payout at maturity will be par plus the coupon due unless either asset finishes below its initial level and either asset has closed below the 75% trigger level any day during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes
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| Underlying assets: | S&P 500 index and iShares MSCI Emerging Markets ETF
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| Amount: | $164,000
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| Maturity: | June 30, 2017
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| Coupon: | 10.2%, payable monthly if each asset closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset closes below 75% trigger price at any time during life of the notes and either asset finishes below initial price, in which case full exposure to decline in lesser performing asset
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| Call: | At par plus the coupon if fund closes above 110% call level on any monthly call date starting Jan. 26, 2017
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| Initial price: | 2,000.54 for index and $32.21 for ETF
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| Coupon barrier/trigger: | 75% of initial levels
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| Call level: | 110% of initial levels
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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: | 06367TFS4
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