By Kiku Steinfeld
Chicago, March 11 – Bank of Montreal priced $356,000 of autocallable barrier notes with memory coupons due June 30, 2026 linked to the stock performance of 3M Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 9.25% per year if the stock closes at or above its coupon barrier level, 65% of its initial price, on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically redeemed at par if the stock closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called and the stock finishes at or above its 65% trigger price, the payout at maturity will be par.
Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with memory coupons
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Underlying stock: | 3M Co.
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Amount: | $356,000
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Maturity: | June 30, 2026
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Coupon: | 9.25% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date; coupon payments will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If the stock finishes at or above its trigger price, par; otherwise, full exposure to decline from initial price
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Call: | At par if the stock closes at or above initial price on any quarterly observation date after six months
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Initial price: | $98.57
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Coupon barrier: | $64.07; 65% of initial price
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Trigger price: | $64.07; 65% of initial price
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Pricing date: | June 28, 2023
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Settlement date: | June 30, 2023
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.5%
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Cusip: | 06374VY75
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