By Susanna Moon
Chicago, Oct. 24 – Bank of Montreal priced $1.09 million of 10.2% autocallable cash-settled notes with fixed interest payments due Jan. 18, 2019 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to an FWP 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 closes above the 110% call level on any monthly call date after six months.
The payout at maturity will be par plus the coupon due unless the fund finishes below its initial level and closes below the 75% trigger price during the life of the notes, in which case investors will lose 1% for each 1% decline.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with fixed interest payments
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| Underlying fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $1,093,000
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| Maturity: | Jan. 18, 2019
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| Coupon: | 10.2%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless the fund finishes below its initial level and ever closes below the trigger level during the life of the notes, in which case investors will be fully exposed to any losses
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| Call: | At par plus the coupon if the fund finishes above its initial level on any monthly call date beginning April 20, 2018
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| Initial level: | $23.42
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| Trigger level: | 16.39, 70% of initial level
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 20
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06367TL73
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