By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Bank of Montreal priced $6.29 million of 7% autocallable barrier notes due Dec. 23, 2024 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning six months after issuance, the notes will be automatically called at par if the stock closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless the stock finishes below its trigger level, 75% of its initial share price, in which case investors will be exposed to the stock’s decline from its initial share price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes
|
| Underlying stock: | Apple Inc.
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| Amount: | $6,287,000
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| Maturity: | Dec. 23, 2024
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| Coupon: | 7%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger level, in which case exposure to stock’s decline from initial share price
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| Call: | Beginning in May 2024, automatically at par if stock closes at or above initial share price on any monthly observation date
|
| Initial share price: | $189.69
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| Trigger level: | $142.27, or 75% of initial share price
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 22
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
|
| Cusip: | 06369NNY3
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