New Issue: BMO sells $250,000 autocallable buffer notes with step-up call on S&P 500

Chicago, Oct. 11 – Bank of Montreal priced $250,000 of 0% autocallable buffer notes with step-up call amount due Oct. 2, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically redeemed at par plus an annualized call premium of 10.8% if the index closes above its initial level on any annual call observation date.

If the notes are not called, the payout at maturity will be par unless the final level of index is less than 90% of the initial level, in which case investors will lose 1% for each 1% decline of the index beyond 10%.

BMO Capital Markets Corp. is the selling agent.

Issuer:	Bank of Montreal
Issue:	Autocallable buffer notes with step-up call amount
Underlying index:	S&P 500 index
Amount:	$250,000
Maturity:	Oct. 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If not called, par unless the final level of index is less than buffer level, in which case investors will lose 1% for each 1% decline of the index beyond 10%
Call:	At par plus 10.8% annualized premium if index close above initial level on any annual observation date
Initial level:	3,640.47
Buffer level:	3,276.42; 90% of initial level
Pricing date:	Sept. 29, 2022
Settlement date:	Oct. 4, 2022
Selling agent:	BMO Capital Markets Corp.
Fees:	1.25%
Cusip:	06374V7K6

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