By Wendy Van Sickle
Columbus, Ohio, July 11 – Bank of Montreal priced $4.15 million of autocallable barrier notes with contingent coupons due June 30, 2025 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 11.5% per year if the ETF’s closing level is at least 60% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the ETF closes above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the fund closes below 60% of its initial price, in which case investors will lose 1% for each 1% decline of the fund from its initial price.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupons
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Underlying ETF: | SPDR S&P Regional Banking ETF
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Amount: | $4.15 million
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Maturity: | June 30, 2025
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Coupon: | 11.5% per year, payable quarterly if the ETF’s closing level is at or above its coupon barrier level on the observation date
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Price: | Par
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Payout at maturity: | Par unless fund closes below 60% of its initial price, in which case investors will lose 1% for each 1% decline of fund from its initial price
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Call: | At par plus contingent coupon if ETF closes above initial level on any quarterly observation date
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Initial level: | $40.08
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Coupon barrier level: | $24.05; 60% of initial level
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Trigger level: | $24.05; 60% of initial level
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Pricing date: | June 26
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Settlement date: | June 29
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.35%
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Cusip: | 06374VY67
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