By Kiku Steinfeld
Chicago, March 13 – Bank of Montreal priced $856,000 of autocallable notes with a contingent coupons due June 3, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 10.5% per year if the stock closes at or above its coupon barrier level, 75% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial level on any monthly observation date after six months.
If the notes are not called and the stock finishes at or above 75% of its initial share level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be exposed to the 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 notes with contingent coupon
|
| Underlying stock: | S&P 500 index
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| Amount: | $856,000
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| Maturity: | June 3, 2024
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| Coupon: | 10.5% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Level: | Par
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| Payout at maturity: | If the stock finishes at or above trigger level, par plus final coupon; otherwise, exposure to decline of the index from its initial level
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date after six months
|
| Initial level: | 3,957.63
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| Coupon barrier/trigger level: | 2,968.22; 75% of initial level
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| Pricing date: | Nov. 29, 2022
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| Settlement date: | Dec. 2, 2022
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.9%
|
| Cusip: | 06374VDB9
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