Chicago, May 18 – Bank of Montreal priced $452,000 of autocallable buffer notes with contingent coupons due June 30, 2027 linked to the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 11.5% if the ETF closes at or above 85% of its initial level on the related observation date.
The notes will be automatically called at par plus the coupon if the ETF closes at or above its initial level on any monthly observation date after one year.
If the notes are not called and the ETF finishes at or above 85% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% loss beyond 15%.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable buffer notes with contingent coupons
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| Underlying ETF: | VanEck Gold Miners ETF
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| Amount: | $452,000
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| Maturity: | June 30, 2027
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| Coupon: | 11.5% annual rate, payable monthly if the ETF closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | If the notes are not called and the ETF finishes at or above 85% of its initial level, par plus final coupon; otherwise, 1% loss for each 1% loss beyond 15%
|
| Call: | Automatically at par plus coupon if the ETF closes at or above initial level on any monthly observation date after one year
|
| Initial level: | $29.47
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| Coupon/buffer level: | $25.05; 85% of initial level
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| Pricing date: | June 27, 2022
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| Settlement date: | June 30, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 4%
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| Cusip: | 06368GVN4
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