By William Gullotti
Buffalo, N.Y., Sept. 27 – Bank of Montreal priced $2.5 million of 0% autocallable barrier notes with step-up call amount due Sept. 27, 2024 linked to the performance of the SPDR S&P Bank ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized call premium of 10.2% if the ETF closes above its initial level on any annual observation date.
If the notes are not called, the payout at maturity will be par unless the final level of the ETF is less than 75% of the initial level, in which case investors will lose 1% for each 1% of ETF decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with step-up call amount
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| Underlying fund: | SPDR S&P Bank ETF
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| Amount: | $2.5 million
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| Maturity: | Sept. 27, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If not called, par unless the final level of the ETF is less than trigger level, in which case investors will lose 1% for each 1% of ETF decline from initial level
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| Call: | At par plus 10.2% annualized premium if the ETF finishes above initial level on any annual observation date; includes maturity date
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| Initial level: | $49.73
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| Trigger level: | $37.30; 75% of initial level
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.1%
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| Cusip: | 06368EYB2
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