New Issue: BMO prices $1.15 million 14% barrier notes linked to Tesla

By William Gullotti

Buffalo, N.Y., July 22 – Bank of Montreal priced $1.15 million of 14% autocallable barrier notes with a contingent coupon due July 24, 2023 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If the stock finishes at or above its 50% trigger price, the payout at maturity will be par.

Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash value of those shares.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Barrier notes
Underlying stock:	Tesla, Inc.
Amount:	$1,145,000
Maturity:	July 24, 2023
Coupon:	14% per year, payable monthly
Price:	Par
Payout at maturity:	If stock finishes at or above trigger price, par; otherwise, receive a number of shares equal to $1,000 divided by the stock’s initial price or, at the issuer’s option, the cash equivalent
Initial price:	$736.59
Trigger price:	$368.30; 50% of initial price
Pricing date:	July 19
Settlement date:	July 22
Agent:	BMO Capital Markets Corp.
Fees:	1.75%
Cusip:	06369NCS8

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