By Wendy Van Sickle
Columbus, Ohio, March 12 – Bank of Montreal priced $1 million of autocallable barrier notes with a fixed coupon due June 7, 2021 linked to 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.
The notes will pay a monthly coupon equal to 8.5% per year.
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 call date starting Sept. 2.
If the notes are not called, the payout at maturity will be par unless the final share price of either fund is less than the initial price and either fund has closed below 60% of the initial share price during the life of the notes, 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
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Issue: | Autocallable barrier notes with fixed coupon
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Underlying funds: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
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Amount: | $1 million
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Maturity: | June 7, 2021
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Coupon: | 8.5% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless the final share price of either fund is less than the initial price and either fund has closed below 60% of the initial share price during the life of the notes, in which case investors will lose 1% for each 1% decline from the initial share price of the least performing fund
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Call: | At par plus contingent coupon if funds close at or above initial prices on any monthly call date starting Sept. 2
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Initial prices: | $29.13 for Gold Miners, $40.19 for Junior Gold Miners
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Coupon barrier/trigger prices: | $17.48 for Gold Miners, $24.11 for Junior Gold Miners, 60% of initial prices
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Pricing date: | March 4
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Settlement date: | March 9
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.25%
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Cusip: | 06367WYA5
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