Chicago, Dec. 10 – Bank of Montreal priced $1.81 million of autocallable barrier notes with a contingent coupons due March 28, 2024 linked to the least performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 11% per year if each fund’s share price is at least 60% of the initial share price on the observation date for that period.
The notes will be automatically redeemed at par plus the contingent coupon if each ETF’s shares close above its initial share price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the final share price of either fund is less than 60% of the initial share price, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $1,810,000
|
| Maturity: | March 28, 2024
|
| Coupon: | 11% per year, payable monthly if each fund’s share price is above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless the final share price of either fund is less than its trigger level, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund
|
| Call: | At par plus contingent coupon if funds close at or above initial prices on any monthly observation date after six months
|
| Initial prices: | $31.83 for Gold, $43.55 for Junior
|
| Coupon barrier/trigger prices: | $19.10 for Gold, $26.13 for Junior, 60% of initial prices
|
| Pricing date: | March 30
|
| Settlement date: | April 5
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.6%
|
| Cusip: | 06368EG97
|
© 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.
