By Sarah Lizee
Olympia, Wash., Aug. 5 – Bank of Montreal priced $12,000 of 0% autocallable notes with step-up call price due July 29, 2022 linked to the SPDR S&P Oil & Gas Exploration and Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 14.35% per year if the ETF closes at or above the initial price on any annual call valuation date, starting July 24, 2020.
If the notes are not called, the payout at maturity will be par unless the ETF finishes below 60% of its initial price.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable notes with step-up call price
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration and Production ETF
|
| Amount: | $12,000
|
| Maturity: | July 29, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless the ETF finishes below 60% of its initial price
|
| Call: | Automatically called at par plus a call premium of 14.35% per year if the ETF closes at or above the initial price on any annual call valuation date, starting July 24, 2020
|
| Initial index level: | $24.21
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Underwriter: | BMO Capital Markets
|
| Fees: | 1.2%
|
| Cusip: | 06367WNA7
|
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