Published on 12/12/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $288,000 autocallable barrier enhanced return notes on bank basket
Chicago, Dec. 12 – Bank of Montreal priced $288,000 of 0% autocallable barrier enhanced return notes due May 11, 2026 linked to the performance of an equally weighted basket of five stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the stocks of Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc., U.S. Bancorp and Keycorp.
The notes will be called automatically at par plus a 15% call premium if the basket closes at or above its initial level on May 13, 2024.
The payout at maturity will be par plus 2.25 times any basket gain.
Investors will receive par if the basket falls by up to 55% and will lose 1% for each 1% of basket decline if the basket finishes below the barrier.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier enhanced return notes
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| Underlying basket: | Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc., U.S. Bancorp and Keycorp; equal weights
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| Amount: | $288,000
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| Maturity: | May 11, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 2.25 times any gain of the basket; par if the basket falls by up to 45%; otherwise, full exposure to basket decline from initial level
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| Call: | Automatically at par plus 15% call premium if the basket closes at or above its initial level May 13, 2024
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| Initial stock levels: | $46.36 for Citi, $27.69 for BofA, $326.51 for Goldman, $29.74 for U.S. Bancorp, $9.68 for Keycorp
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| Barrier level: | 55% of initial level
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| Pricing date: | May 8, 2023
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| Settlement date: | May 11, 2023
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| Selling agent: | BMO Capital Markets Corp.
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| Fees: | 3.2%
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| Cusip: | 06374VUY0
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