By Wendy Van Sickle
Columbus, Ohio, May 8 – Bank of Montreal priced $887,000 of autocallable barrier notes with a contingent coupon due Aug. 6, 2021 linked to the common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 11% per year if the stock closes above its coupon barrier level, 73% of its initial price, on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes above its initial price on any monthly observation date starting in November.
If the notes are not called, the payout at maturity will be par unless the final price of the stock is less than its initial price and the stock has ever closed below 73% of its initial price any day during the life of the notes, in which case 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 contingent coupon
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| Underlying stock: | Alphabet Inc.
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| Amount: | $887,000
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| Maturity: | Aug. 6, 2021
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| Coupon: | 11% per year, payable monthly if each stock closes above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless final price of stock is less than initial price and stock has ever closed below 73% of initial price, in which case investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon if each stock closes above initial price on any observation date starting in November
|
| Initial price: | $1,317.32
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| Coupon barrier/trigger price: | $961.64, 73% of initial price
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| Pricing date: | May 1
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| Settlement date: | May 6
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.75%
|
| Cusip: | 06367WB28
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