Published on 6/5/2023 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $300,000 autocallable barrier notes linked to AIG
By Angela McDaniels
Tacoma, Wash., June 5 – Bank of Montreal priced $300,000 of autocallable barrier notes with contingent coupons due July 19, 2023 linked to the common stock of American International Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 20% per year if the stock closes at or above its trigger level, 80% of its initial share price, on the observation date for that quarter.
Beginning Oct. 14, 2022, the notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock’s final share price is less than its trigger level, in which case investors will be exposed to the stock’s decline.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying stock: | American International Group, Inc.
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| Amount: | $300,000
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| Maturity: | July 19, 2023
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| Coupon: | 20% per year, payable quarterly if stock closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock’s final share price is less than trigger level, in which case exposure to stock’s decline
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| Call: | Beginning Oct. 14, 2022, automatically at par if stock closes at or above initial share price on any quarterly observation date
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| Initial share price: | $48.42
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| Barrier levels: | $38.74, or 80% of initial level
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| Pricing date: | July 14, 2022
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| Settlement date: | July 19, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06368GX77
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