By Wendy Van Sickle
Columbus, Ohio, April 5 – Bank of Montreal priced $3.81 million of 0% step-down autocallable barrier notes with step-up call amount due April 3, 2025 linked to the lesser performing of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 7.2% annualized premium if the index closes at or above its call level on any semiannual observation date. The call level is 100% of the initial level on the first observation date and steps down by 50 basis points each subsequent year.
If the final level of the index is greater than or equal to its 70% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index finishes below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Step-down autocallable barrier notes with step-up call amount
|
| Underlying indexes: | S&P 500
|
| Amount: | $3,814,000
|
| Maturity: | April 3, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of index is greater than or equal to trigger level, par; otherwise, 1% loss for every 1% that index finishes below initial level
|
| Call: | At par plus 7.2% annualized premium if the index closes at or above call level on any semiannual observation date; call level is 100% of the initial level on the first observation date and steps down by 50 basis points each year
|
| Initial index level: | 4,530.41
|
| Barrier level: | 3,171.29; 70% of initial level
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| Pricing date: | March 31
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| Settlement date: | April 5
|
| Selling agent: | BMO Capital Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 06368GNH6
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