By Kiku Steinfeld
Chicago, Dec. 29 – Bank of Montreal priced $2.18 million of autocallable notes with a contingent coupon due Dec. 5, 2023 linked to the common stock of MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 11.54%per year if the stock closes above its coupon barrier level, 65% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at will be par unless the stock closes below its 65% trigger price, in which case investors will be fully exposed to the decline of the stock, payable in shares or cash at the issuer’s option.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable notes with contingent coupon
|
| Underlying stock: | MGM Resorts International
|
| Amount: | $2,182,000
|
| Maturity: | Dec. 5, 2023
|
| Coupon: | 11.54%per year, payable quarterly if stock closes above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below its trigger price, in which case exposure to decline, payable in shares or cash at issuer’s option
|
| Call: | At par plus contingent coupon if each stock closes above initial price on any observation date after six months
|
| Initial price: | $39.58
|
| Coupon barrier/trigger price: | $25.73; 65% of initial price
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 3
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.75%
|
| Cusip: | 06369NAB7
|
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