BMO plans 12.5% contingent cash-settled autocallables tied to funds

By Susanna Moon

Chicago, Sept. 26 – Bank of Montreal plans to price autocallable cash-settled notes with conditional interest payments due Sept. 30, 2021 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, the VanEck Vectors Gold Miners ETF and the SPDR S&P Metals & Mining ETF, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each fund closes at or above its 60% coupon barrier on the review date for that quarter.

The notes will be called at par plus the coupon if each fund closes above the initial level on any call date beginning March 26, 2018.

The payout at maturity will be par unless any fund finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing fund.

BMO Capital Markets Corp. is the agent.

The notes will price on Sept. 26 and settle on Sept. 29.

The Cusip number is 06367TD80.

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