By Kiku Steinfeld
Chicago, July 18 – Bank of Montreal priced $789,000 of autocallable barrier notes with contingent coupons due March 21, 2024 linked to the common stock of Mastercard Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 10.1% per year if the stock closes above its coupon barrier level, 75% of its initial price, on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes above its initial price on any monthly observation date starting after six months.
If the notes are not called, the payout at maturity will be par if the stock closes at or above its 75% trigger level. Otherwise, investors will be exposed to the losses of the stock, payable in shares or cash at the option of the issuer.
Otherwise, investors will be fully exposed to the losses of the stock.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying stock: | Mastercard Inc.
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| Amount: | $789,000
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| Maturity: | March 21, 2024
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| Coupon: | 10.1% per year, payable monthly if stock closes above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par if stock closes at or above trigger level; otherwise, full exposure to losses of the stock, payable in shares or cash at the option of the issuer
|
| Call: | At par plus contingent coupon if stock closes above initial price on any monthly observation date starting after six months
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| Initial price: | $369.64
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| Coupon barrier/trigger price: | $277.23; 75% of initial price
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| Pricing date: | Feb. 15, 2023
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| Settlement date: | Feb. 21, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.65%
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| Cusip: | 06369NFL0
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