By Kiku Steinfeld
Chicago, May 26 – Bank of Montreal priced $1.97 million of autocallable barrier notes with contingent coupons due Aug. 25, 2021 linked to the VanEck Vectors Gold Miners ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 22.9% per year if each asset’s closing level is at least 60% of the initial level on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any observation date beginning in November.
If the notes are not called, the payout at maturity will be par unless the final level of either asset is less than its initial level and either asset ever closes below 60% of the initial level during the life of the notes, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying assets: | VanEck Vectors Gold Miners ETF and Russell 2000 index
|
| Amount: | $1,967,000
|
| Maturity: | Aug. 25, 2021
|
| Coupon: | 22.9% per year, payable monthly if each asset’s closing level is at least 60% of the initial level on the observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless the final level of either asset is less than its initial level and either asset ever closes below 60% of the initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing asset
|
| Call: | At par plus contingent coupon if assets close at or above initial levels on any observation date beginning in November
|
| Initial levels: | $23.80 for Gold Miners, 875.503 for Russell
|
| Coupon barrier/trigger levels: | $21.97 for Gold Miners, 808.156 for Russell, 60% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 26
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06367WL43
|
|
|
© 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.
