Published on 4/1/2016 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $1.63 million 15% cash-settled autocallables linked to oil & gas ETF
By Angela McDaniels
Tacoma, Wash., April 1 – Bank of Montreal priced $1.63 million of 15% autocallable cash-settled notes with fixed interest payments due March 31, 2017 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Oct. 26, 2016, the notes will be called at par if the ETF closes above its call level, 110% of its initial share price, on any monthly call date.
If the notes are not called, the payout at maturity will be par unless the ETF’s final share price is less than its initial share price and it closes below the trigger price, 60% of its initial share price, on any day during the life of the notes, in which case investors will be fully exposed to the decline of the ETF.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
|
Issue: | Autocallable cash-settled notes
|
Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
Amount: | $1,632,000
|
Maturity: | March 31, 2017
|
Coupon: | 15%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par unless ETF closes below trigger price on any day during life of notes and finishes below initial price, in which case full exposure to ETF’s decline from initial price
|
Call: | Beginning Oct. 26, 2016, notes will be called automatically at par if ETF closes above call level, 110% of initial share price, on any monthly call date
|
Initial price: | $29.52
|
Trigger price: | $17.71, 60% of initial level
|
Pricing date: | March 28
|
Settlement date: | March 31
|
Agent: | BMO Capital Markets Corp.
|
Fees: | 0.6%
|
Cusip: | 06367TBB5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.