By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Bank of Montreal priced $1.63 million of autocallable notes with a contingent coupons due Nov. 14, 2023 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 6.9% per year if the ETF closes at or 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 ETF closes at or above its initial price on any monthly observation date after six months.
If the notes are not called and the ETF finishes at or above 65% 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 coupon
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Underlying ETF: | iShares MSCI Emerging Markets ETF
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Amount: | $1,634,000
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Maturity: | Nov. 14, 2023
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Coupon: | 6.9% per year, payable monthly if ETF 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 ETF 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
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Call: | At par plus contingent coupon if each ETF closes at or above initial price on any observation date after six months
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Initial price: | $34.59
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Coupon barrier/trigger price: | $22.48; 65% of initial price
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Pricing date: | Oct. 11
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Settlement date: | Oct. 14
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.15%
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Cusip: | 06369NDG3
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