By Wendy Van Sickle
Columbus, Ohio, May 12 – Bank of Montreal priced $1.29 million of autocallable barrier notes due June 17, 2024 linked to the stock performance of Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 12.6% per year if the stock closes at or above its coupon barrier level, 70% of its initial price, 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 price on any monthly observation date after six months.
If the notes are not called and the stock finishes at or above its 70% trigger price, the payout at maturity will be par plus a coupon.
Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes
|
| Underlying stock: | Charles Schwab Corp.
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| Amount: | $1,294,000
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| Maturity: | June 17, 2024
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| Coupon: | 12.6% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | If the stock finishes at or above its trigger price, par plus coupon; otherwise, full exposure to decline from initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any observation date after six months
|
| Initial price: | $47.55
|
| Coupon barrier: | $33.29; 70% of initial price
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| Trigger price: | $33.29; 70% of initial price
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| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06369NHP9
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