By Kiku Steinfeld
Chicago, Sept. 21 – Bank of Montreal priced $810,000 of callable barrier notes with contingent coupons due March 13, 2025 linked to the stock performance of Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 14.15% per year if the stock’s closing level is at least 55% of its initial level on the relevant observation date.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called and the stock finishes at or above its 55% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline, payable in shares or cash at the option of the issuer.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Callable barrier notes with contingent coupons
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| Underlying stock: | Micron Technology, Inc.
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| Amount: | $810,000
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| Maturity: | March 13, 2025
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| Coupon: | 14.15% per year, payable quarterly if the stock’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | If stock finishes at or above trigger level, par plus final coupon; otherwise, full exposure to decline of stock, payable in shares or cash at the option of the issuer
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
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| Initial level: | $56.89
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| Coupon barrier level: | $31.29; 55% of initial level
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| Trigger level: | $31.29; 55% of initial level
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| Pricing date: | March 8, 2023
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| Settlement date: | March 13, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 06369NGB1
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