New Issue: Bank of Montreal prices $1.94 million autocallable barrier notes on Schlumberger

By Kiku Steinfeld

Chicago, April 3 – Bank of Montreal priced $1.94 million of 11.3% autocallable barrier notes due Aug. 12, 2024 linked to Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

After six months, the notes will be automatically called at par plus the coupon if the stock closes at or above its initial share price on any monthly observation date.

If the notes are not called and the stock finishes at or above its 70% trigger share price, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price, payable in shares or cash at the issuer’s option.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes
Underlying stock:	Schlumberger NV
Amount:	$1,940,000
Maturity:	Aug. 12, 2024
Coupon:	11.3% per year, payable monthly
Price:	Par
Payout at maturity:	If the stock finishes at or above its trigger price, par plus coupon; otherwise, full exposure to decline from initial price, payable in shares or cash at the issuer’s option
Call:	After six months, automatically at par plus coupon if stock closes at or above initial share price on any monthly observation date
Initial share price:	$53.35
Trigger share price:	$37.35, 70% of initial share price
Pricing date:	July 7, 2023
Settlement date:	July 12, 2023
Agent:	BMO Capital Markets Corp.
Fees:	2.15%
Cusip:	06369NJZ5

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