Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $350,000 autocallable barrier notes linked to Macy
By Angela McDaniels
Tacoma, Wash., March 14 – Bank of Montreal priced $350,000 of autocallable barrier notes with contingent coupons due July 31, 2024 linked to the common stock of Macy’s, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 20.2% per year if the stock closes at or above its trigger level, 60% of its initial share price, on the observation date for that month.
Beginning Dec. 26, 2023, 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, in which case investors will receive a number of Macy’s shares equal to $1,000 divided by the initial share price.
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 stock: | Macy’s, Inc.
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| Amount: | $350,000
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| Maturity: | July 31, 2024
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| Coupon: | 20.2% per year, payable monthly if stock closes at or above trigger level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger level, in which case number of Macy’s shares equal to $1,000 divided by initial share price
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| Call: | Beginning Dec. 26, 2023, automatically at par if stock closes at or above initial share price on any monthly observation date
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| Initial share price: | $15.62
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| Trigger level: | $9.37, or 60% of initial share price
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06369NJP7
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