New Issue: BMO sells $1.28 million 11.75% autocallable reverse converts on Exxon Mobil

By Kiku Steinfeld

Chicago, Feb. 21 – Bank of Montreal priced $1.28 million of 11.75% autocallable reverse convertible notes due Dec. 18, 2023 linked to the common stock of Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date beginning May 15, 2023.

If the notes are not called, the payout at maturity will be par unless the shares close below their trigger level, 74% of their initial price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

BMO Capital Markets is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable reverse convertible notes
Underlying stock:	Exxon Mobil Corp.
Amount:	$1,278,000
Maturity:	Dec. 18, 2023
Coupon:	11.75% payable monthly
Price:	Par
Payout at maturity:	Par unless stock closes below trigger price, in which case a number of shares equal to $1,000 divided by the initial share price or cash at option of issuer
Call:	At par if shares close at or above initial share price on any monthly trigger observation date beginning May 15, 2023
Initial level:	$113.37
Coupon barrier:	$83.89, 74% of initial share price
Trigger price:	$83.89, 74% of initial share price
Pricing date:	Nov. 14, 2022
Settlement date:	Nov. 17, 2022
Agent:	BMO Capital Markets
Fees:	2.15%
Cusip:	06369NDY4

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