By Kiku Steinfeld
Chicago, Nov. 30 – Bank of Montreal priced $669,000 of autocallable barrier notes with a contingent coupon due May 24, 2024 linked to the common stock of Uber Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 16.6% per year if the stock closes above its coupon barrier level, 66% 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 in October 2023.
If the notes are not called, the payout at maturity will be par unless the final price of the stock is less than 66% of its initial price, in which case investors will lose 1% for each 1% decline of the stock, payable in shares or in cash at the option of the issuer.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying stock: | Uber Technologies, Inc.
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| Amount: | $669,000
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| Maturity: | May 24, 2024
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| Coupon: | 16.6% per year, payable monthly if each stock closes above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless final price of stock is less than 66% of its initial price, in which case investors will lose 1% for each 1% decline of the stock, payable in shares or in cash at the option of the issuer
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| Call: | At par plus contingent coupon if each stock closes above initial price on any observation date starting in October 2023
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| Initial price: | $32.04
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| Coupon barrier/trigger price: | $21.15, 66% of initial price
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| Pricing date: | April 19, 2023
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| Settlement date: | April 24, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06369NGX3
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