By Wendy Van Sickle
Columbus, Ohio, May 16 – Bank of Montreal priced $1.43 million autocallable barrier notes with a contingent coupon due Feb. 16, 2024 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 17.65% per year if the ETF 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 ETF closes at or above its initial level on any quarterly observation date.
If the notes are not called and the ETF finishes at or above 75% of its initial level, the payout will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the ETF from its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying ETF: | Energy Select Sector SPDR fund
|
| Amount: | $1,432,000
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| Maturity: | Feb. 16, 2024
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| Coupon: | 17.65% per year, payable quarterly if ETF closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if ETF finishes at or above trigger level; otherwise, lose 1% for each 1% decline of ETF from its initial level
|
| Call: | At par plus contingent coupon if the ETF closes at or above initial level on any quarterly observation date
|
| Initial level: | $79.35
|
| Coupon barrier: | $59.51, 75% of initial level
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| Trigger level: | $59.51, 75% of initial level
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| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.2%
|
| Cusip: | 06374VV94
|
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