By Wendy Van Sickle
Columbus, Ohio, March 2 – Bank of Montreal priced $5.14 million of autocallable barrier notes with a memory coupons due Feb. 27, 2026 linked to the common stock of Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 10.85% per year if the stock closes at or above its coupon barrier level, 55% of its initial price, on the relevant observation date. Payments will include all previously unpaid coupons.
The notes will be automatically redeemed at par plus coupon if the stock closes at or above its initial price on any quarterly observation date starting Aug. 28, 2023.
If the notes are not called and the stock finishes at or above its 55% 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 selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with memory coupons
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| Underlying stock: | Intel Corp.
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| Amount: | $5.14 million
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| Maturity: | Feb. 27, 2026
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| Coupon: | 10.85% per year, payable quarterly with all previously unpaid coupons if stock closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par; otherwise, investors will lose 1% for each 1% decline of stock from its initial price
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| Call: | At par plus coupon if the stock closes at or above initial price on any quarterly observation date starting Aug. 28, 2023
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| Initial price: | $25.14
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| Coupon barrier: | $13.83; 55% of initial price
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| Trigger price: | $13.83; 55% of initial price
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.5%
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| Cusip: | 06374VNN2
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