By Susanna Moon
Chicago, Nov. 2 – Bank of Montreal priced $156,000 of 8.7% autocallable cash-settled notes with fixed interest payments due Oct. 31, 2017 linked to the SPDR S&P Metals and Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par plus the coupon if the fund finishes above the 110% call level on any monthly call date beginning May 25, 2017.
The payout at maturity will be par unless the fund finishes below its initial price and closes below the 70% trigger level on any trading day during the life of the notes, in which case investors will be fully exposed to any losses.
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 fund: | SPDR S&P Metals and Mining ETF
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| Amount: | $156,000
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| Maturity: | Oct. 31, 2017
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| Coupon: | 8.7%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless fund falls and ever closes below 70% trigger level, in which case full exposure to any losses
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| Call: | At par plus the coupon if fund closes above 110% call level on any monthly call date beginning May 25, 2017
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| Initial price: | $25.62
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| Trigger price: | $17.93, 70% of initial level
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.1%
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| Cusip: | 06367TLF5
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