Chicago, Feb. 5 – Bank of Montreal priced $463,000 of autocallable barrier notes with contingent coupons due June 17, 2024 linked to the stock performance of Air Products and Chemicals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 9.4% per year if the stock closes at or above its coupon barrier level, 81% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any monthly observation date starting after six months.
If the notes are not called and the stock finishes at or above its 81% trigger price, the payout at maturity will be par plus a coupon.
Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying stock: | Air Products and Chemicals, Inc.
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| Amount: | $463,000
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| Maturity: | June 17, 2024
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| Coupon: | 9.4% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above its trigger price, par plus coupon; otherwise, full exposure to decline from initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date starting after six months
|
| Initial price: | $278.00
|
| Coupon barrier: | $225.18; 81% of initial price
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| Trigger price: | $225.18; 81% of initial price
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| Pricing date: | May 12, 2023
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| Settlement date: | May 17, 2023
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06369NHL8
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