Chicago, June 23 – Bank of Montreal priced $1.44 million of autocallable notes with a contingent coupons due Jan. 17, 2023 linked to the common stock of Advanced Micro Devices, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 11.5% per year if the stock closes at or above its coupon barrier level, 60% of its initial price, on the relevant observation date.
The notes will be called early if the stock finishes above its initial level on any monthly observation date starting after six months.
If the notes are not called and the stock finishes at or above 60% of its initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable notes with contingent coupons
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| Underlying stock: | Advanced Micro Devices, Inc.
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| Amount: | $1,439,000
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| Maturity: | Jan. 17, 2023
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| Coupon: | 11.5% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on any monthly observation date after six months
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| Initial price: | $138.55
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| Coupon barrier/trigger price: | $83.13; 60% of initial price
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| Pricing date: | Dec. 10, 2021
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| Settlement date: | Dec. 15, 2021
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06369NAD3
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