By Kiku Steinfeld
Chicago, March 22 – Bank of Montreal priced $671,000 of autocallable barrier notes with memory coupons July 3, 2025 linked to the common stock of Mosaic Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 14.5% per year if the stock closes at or above its coupon barrier level, 55% of its initial price, on the relevant observation date. Previously unpaid coupons will also be paid.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly observation date starting after six months.
If the notes are not called and the stock finishes at or above its 55% trigger price, the payout at maturity will be par plus the final 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
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| Issue: | Autocallable barrier notes with memory coupons
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| Underlying stock: | Mosaic Co.
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| Amount: | $671,000
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| Maturity: | July 3, 2025
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| Coupon: | 14.5% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any quarterly observation date starting after six months
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| Initial price: | $35
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| Coupon barrier: | $19.25; 55% of initial price
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| Trigger price: | $19.25; 55% of initial price
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 06369NKC4
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