Chicago, June 21 – Bank of Montreal priced $1.01 million of autocallable barrier notes with contingent coupons due July 5, 2024 linked to the common stock of Phillips 66, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 14.5% per year if the stock closes at or above its coupon barrier level, 75% 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 75% trigger price, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price, payable as shares or cash at the issuer’s option.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying stock: | Phillips 66
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| Amount: | $1,014,000
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| Maturity: | July 5, 2024
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| Coupon: | 14.5% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors will lose 1% for each 1% decline of stock from its initial price, payable as shares or cash at issuer’s option
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date after six months
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| Initial price: | $91.61
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| Coupon barrier: | $68.71; 75% of initial price
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| Trigger price: | $68.71; 75% of initial price
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06369NJB8
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