New Issue: Bank of Montreal prices $752,000 autocallable barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 25 – Bank of Montreal priced $752,000 of autocallable barrier notes with contingent coupons due June 3, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 6% per year if the index closes at or above the trigger level, 60% of the initial index level, on the valuation date for that month.

Beginning Oct. 31. 1, 2023, the notes will be automatically called at par if the index closes at or above its initial index level on any monthly valuation date.

The payout at maturity will be par unless the final index level is less than the trigger level, in which case investors will be exposed to the index’s decline from its initial index level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes with contingent coupons
Underlying index:	S&P 500 index
Amount:	$752,000
Maturity:	June 3, 2024
Coupon:	6% per year, payable monthly if index closes at or above trigger level on valuation date for that month
Price:	Par
Payout at maturity:	Par unless final index level is less than trigger level, in which case exposure to index’s decline from initial index level
Call:	Beginning Oct. 31, 2023, automatically at par if index closes at or above initial index level on any monthly valuation date
Initial level:	4,169.48
Trigger level:	2,501.69, or 60% of initial level
Pricing date:	April 28, 2023
Settlement date:	May 3, 2023
Agent:	BMO Capital Markets Corp.
Fees:	0.517%
Cusip:	06374VRQ1

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