By Susanna Moon
Chicago, March 9 – Bank of Montreal priced $591,000 of autocallable cash-settled notes with conditional interest payments due Feb. 28, 2022 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 11% if each underlying component closes at or above its 65% coupon barrier level on the observation date for that month.
The notes will be called at par if each component closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either fund finishes below its 65% trigger level, in which case investors be fully exposed to any losses of the worse performing fund.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable cash-settled notes with conditional interest payments
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $591,000
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| Maturity: | Feb. 28, 2022
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| Coupon: | 11% annualized, payable monthly if each component closes at or above its 65% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either fund finishes below trigger level, in which case 1% loss for each 1% decline of worse performing fund
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| Call: | At par plus coupon if each asset closes at or above its initial level on any call date beginning Nov. 27, 2018
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| Initial levels: | $21.97 for gold fund and for $34.64 for oil fund
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| Trigger levels: | 65% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.9%
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| Cusip: | 06367TY95
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