By Wendy Van Sickle
Columbus, Ohio, April 9 – Bank of Montreal priced $2.3 million of autocallable barrier notes with contingent coupons due Dec. 10, 2024 linked to the common stock of First Solar, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon if the stock closes at or above its coupon barrier level, 60% of its initial price, on the relevant observation date. The coupon will be $37.50 per $1,000 note on the first and second observation dates and $25.00 per $1,000 note on the final 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 quarterly observation date.
If the notes are not called and the stock finishes at or above its 60% trigger price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the stock.
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: | First Solar, Inc.
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Amount: | $2.3 million
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Maturity: | Dec. 10, 2024
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Coupon: | Payable quarterly if stock closes at or above coupon barrier level on related observation date; coupon will be $37.50 per $1,000 note on first and second dates and $25.00 per $1,000 note on final date
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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 be fully exposed to the losses of the stock
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Call: | At par plus contingent coupon if the stock closes at or above initial price on any quarterly observation date
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Initial price: | $171.46
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Coupon barrier: | $102.88; 60% of initial price
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Trigger price: | $102.88; 60% of initial price
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Pricing date: | April 4
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Settlement date: | April 9
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06376A6S4
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