New Issue: BMO sells $1.49 million autocallable barrier notes with memory coupons on indexes

By William Gullotti

Buffalo, N.Y., June 22 – Bank of Montreal priced $1.49 million autocallable barrier notes with memory coupons due May 19, 2025 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

Every month, the notes will pay a coupon equal to 8.2% per year if each index’s closing level is more than 75% of its initial level on the observation date for that month, plus any previously unpaid coupon.

The notes will be automatically redeemed at par plus the contingent coupon if each index closes above its initial level on any quarterly observation date after six months.

If the notes are not called, the payout at maturity will be par unless the final level of any index is less than 70% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes with memory coupons
Underlying indexes:	Russell 2000 index, S&P 500 index, Nasdaq-100 index
Amount:	$1,485,000
Maturity:	May 19, 2025
Coupon:	8.2% per year, payable monthly if each index closes above its coupon barrier on the observation date for that month, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par unless the final level of any index is less than 70% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
Call:	At par plus contingent coupon if the indexes close at or above their initial levels on any quarterly observation date after six months
Initial levels:	4,173.85 for S&P, 13,393.12 for Nasdaq, 2,224.63 for Russell
Coupon barriers:	3,130.39 for S&P, 10,044.84 for Nasdaq, 1,668.473 for Russell; 75% of initial levels
Downside thresholds:	2,921.7 for S&P, 9,375.18 for Nasdaq, 1,557.241 for Russell; 70% of initial levels
Pricing date:	May 14
Settlement date:	May 19
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06368EMB5

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