New Issue: Bank of Montreal prices $210,000 callable barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., June 5 – Bank of Montreal priced $210,000 of callable barrier notes with contingent coupons due July 19, 2032 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 7.5% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.

Beginning Jan. 13, 2023, the notes will be callable at par on any monthly observation date.

The payout at maturity will be par unless the index’s final level is less than its trigger level, 60% of its initial level, in which case investors will be exposed to the index’s decline.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Callable barrier notes with contingent coupons
Underlying index:	S&P 500 index
Amount:	$210,000
Maturity:	July 19, 2032
Coupon:	7.5% per year, payable monthly if index closes at or above coupon barrier level on observation date for that month
Price:	Par
Payout at maturity:	Par unless index’s final level is less than trigger level, in which case exposure to index’s decline
Call option:	Beginning Jan. 13, 2023, at par on any monthly observation date
Initial level:	3,790.38
Coupon barrier level:	2,653.27, or 70% of initial level
Trigger level:	2,274.23, or 60% of initial level
Pricing date:	July 14, 2022
Settlement date:	July 19, 2022
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06368GWR4

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