Chicago, July 24 – Bank of Montreal priced $695,000 of autocallable barrier notes with contingent coupons due Aug. 21, 2024 linked to the class B common stock of Paramount Global, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 20% per year if the stock closes at or above its coupon barrier level, 60% 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 starting after six months.
If the notes are not called and the stock finishes at or above its 60% 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.
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: | Paramount Global
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| Amount: | $695,000
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| Maturity: | Aug. 21, 2024
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| Coupon: | 20% 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
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date starting after six months
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| Initial price: | $15.52
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| Coupon barrier: | $9.31, 60% of initial price
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| Trigger price: | $9.31, 60% of initial price
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| Pricing date: | July 18
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| Settlement date: | July 21
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.65%
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| Cusip: | 06374VZA7
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