New Issue: BMO sells $1.75 million autocallable barrier notes with memory coupon on indexes

By Wendy Van Sickle

Columbus, Ohio, March 16 – Bank of Montreal priced $1.75 million of autocallable barrier notes with memory coupons due March 16, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

Every quarter, the notes will pay a coupon equal to 10% per year, and any previously unpaid coupons, if each index’s closing level is at least 80% of its initial level on the observation date for that period.

The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.

If the notes are not called, the payout at maturity will be par unless any index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline based on the final level from the initial level of the least-performing index.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes with memory coupons
Underlying indexes:	S&P 500 index, Nasdaq-100 index, Dow Jones industrial average
Amount:	$1,746,000
Maturity:	March 16, 2026
Coupon:	10% per year, payable quarterly if each index’s closing level is at or above its coupon barrier level on the observation date for that period; previously unpaid coupons also paid
Price:	Par
Payout at maturity:	Par unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
Call:	At par plus contingent coupon if indexes close above initial levels on any quarterly observation date after six months
Initial levels:	4,204.31 for S&P, 13,301.83 for Nasdaq, 32,944.19 for Dow
Coupon barrier levels:	3,363.45 for S&P, 10,641.46 for Nasdaq, 26,355.35 for Dow; 80% of initial levels
Trigger levels:	2,522.59 for S&P, 7,981.1 for Nasdaq, 19,766.51 for Dow; 60% of initial levels
Pricing date:	March 11
Settlement date:	March 16
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06368GML8

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