By Wendy Van Sickle
Columbus, Ohio, May 21 – Bank of Montreal priced $495,000 of autocallable barrier notes with contingent coupon due Aug. 23, 2021 linked to the common stock of CVS Health Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 9.2% per year if the stock closes above its coupon barrier level, 75% 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 share price is less than the 75% barrier price, 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
|
| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying stock: | CVS Health Corp.
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| Amount: | $495,000
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| Maturity: | Aug. 23, 2021
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| Coupon: | 9.2% per year, payable monthly if stock closes above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless final share price is less than trigger 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 stock closes above initial price on any observation date starting in November
|
| Initial price: | $63.73
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| Coupon barrier level: | $47.80, 75% of initial price
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| Trigger price: | $47.80, 75% of initial price
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| Pricing date: | May 18
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| Settlement date: | May 21
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.25%
|
| Cusip: | 06367WH30
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