By Wendy Van Sickle
Columbus, Ohio, June 22 – Bank of Montreal priced $1 million of autocallable barrier notes with a contingent coupon due June 23, 2025 linked to the common index of S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 9% per year if the index closes at or above its coupon barrier level, 65% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date starting after one year.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the final level of the index is less than 65% of its initial level, in which case investors will lose 1% for each 1% decline of the index from its initial level.
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 index: | S&P 500 index
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| Amount: | $1 million
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| Maturity: | June 23, 2025
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| Coupon: | 9% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless final level of index is less than trigger level, in which case investors will lose 1% for each 1% decline of index from its initial level
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date starting after one year
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| Initial level: | 3,666.77
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| Coupon barrier/trigger level: | 2,383.4; 65% of initial level
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.5%
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| Cusip: | 06368GVL8
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