By Wendy Van Sickle
Columbus, Ohio, Aug. 17 – Bank of Montreal priced $3 million 11% barrier notes due Jan. 30, 2023 tied to the common stocks of Alcoa Corp. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par plus any gain of the least performing stock.
If either stock falls by up to 45%, the payout will be par.
If either stock falls by more than 45%, investors will have full exposure to the decline of the worse performing stock.
BMO Capital Markets is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Barrier notes
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| Underlying stocks: | Alcoa Corp. and Verizon Communications Inc.
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| Amount: | $3 million
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| Maturity: | Jan. 30, 2023
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| Coupon: | 11%, monthly
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| Price: | Par
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| Payout at maturity: | Par plus any gain of the least performing stock; if either stock falls by up to barrier level, par; otherwise, full exposure to the decline of the worse performing stock
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| Initial levels: | $13.24 for Alcoa, $56.87 for Verizon
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| Barrier levels: | $7.28 for Alcoa, $31.28 for Verizon, 55% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | BMO Capital Markets
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| Fees: | 0.4%
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| Cusip: | 06367W2E2
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