Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $823,000 autocallable barrier notes linked to Invesco QQQ
By Angela McDaniels
Tacoma, Wash., Jan. 25 – Bank of Montreal priced $823,000 of autocallable barrier notes with contingent coupons due Nov. 4, 2024 linked to the Invesco QQQ trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7% per year if the trust closes at or above the trigger level, 70% of the initial share price, on the valuation date for that month.
Beginning Nov. 1, 2023, the notes will be automatically called at par if the trust closes at or above its initial share price on any monthly valuation date.
The payout at maturity will be par unless the final share price is less than the trigger level, in which case investors will be exposed to the trust’s decline from its initial share price, payable in shares or cash at the issuer’s option.
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 ETF: | Invesco QQQ trust, series 1
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| Amount: | $823,000
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| Maturity: | Nov. 4, 2024
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| Coupon: | 7% per year, payable monthly if trust closes at or above trigger level on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless final share price is less than trigger level, in which case exposure to trust’s decline from initial share price, payable in shares or cash at issuer’s option
|
| Call: | Beginning Nov. 1, 2023, automatically at par if trust closes at or above initial share price on any monthly valuation date
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| Initial share price: | $322.56
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| Trigger level: | $225.79, or 70% of initial share price
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.4%
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| Cusip: | 06369NHB0
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