By Wendy Van Sickle
Columbus, Ohio, April 3 – Bank of Montreal priced $521,000 of autocallable cash-settled notes with conditional interest payments due March 31, 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 quarterly at an annual rate of 11.4% if each underlying component closes at or above its 65% coupon barrier level on the observation date for that quarter.
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
|
| Issue: | Autocallable cash-settled notes with conditional interest payments
|
| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
|
| Amount: | $521,000
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| Maturity: | March 31, 2022
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| Coupon: | 11.4% annualized, payable quarterly if each component closes at or above its 65% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below trigger level, in which case 1% loss for each 1% decline of worse performing fund
|
| Call: | At par plus coupon if each asset closes at or above its initial level on any call date beginning Sept. 25, 2018
|
| Initial levels: | $22.44 for oil and gas and for $35.35 for Gold Miners
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| Trigger levels: | $14.59 for oil and gas and for $22.98 for Gold Miners; 65% of initial levels
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| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3%
|
| Cusip: | 06367T3C2
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