By Marisa Wong
Morgantown, W.Va., Aug. 22 – Bank of Montreal priced $1.08 million of 9.72% autocallable cash-settled notes with fixed interest payments due Sept. 23, 2019 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.
The notes will be called at par if the fund closes above 105% of its initial price on any monthly review date after six months.
The payout at maturity will be par unless the fund finishes below its initial price and ever closes below its 70% trigger level during the life of the notes, in which case investors be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable cash-settled notes with fixed interest payments
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,077,000
|
| Maturity: | Sept. 23, 2019
|
| Coupon: | 9.72%, payable monthly
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless the fund finishes below its initial price and ever closes below the trigger price during the life of the notes, in which case investors will be fully exposed to any losses
|
| Call: | At par plus the coupon if the fund closes above 105% of initial price on any monthly call date after six months
|
| Initial price: | $40.11
|
| Call price: | $42.12, 105% of initial price
|
| Trigger price: | $28.08, 70% of initial price
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 23
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.65%
|
| Cusip: | 06367WBF9
|
|
|
© 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.
