Chicago, Aug. 16 – Bank of Montreal priced $671,000 of autocallable notes with contingent coupons due July 23, 2024 linked to the performance of the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 10% per year if the ETF’s closing level is at least 70% of its initial level on the relevant observation date.
The notes will be called at par plus any coupon otherwise due on any quarterly observation date starting after six months.
If the ETF finishes above its 70% trigger level, the payout will be par. Otherwise, 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
|
| Issue: | Autocallable notes with contingent coupons
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| Underlying fund: | Invesco QQQ Trust, Series 1
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| Amount: | $671,000
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| Maturity: | July 23, 2024
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| Coupon: | 10% per year, payable quarterly if the ETF’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par if ETF finishes above its trigger level; otherwise, investors will lose 1% for each 1% of ETF decline from its initial level
|
| Call: | Automatically at par plus any coupon due on any quarterly observation date starting after six months
|
| Initial level: | $289.40
|
| Coupon barrier level: | $202.58; 70% of initial level
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| Trigger level: | $202.58; 70% of initial level
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| Pricing date: | July 18, 2022
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| Settlement date: | July 21, 2022
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.5%
|
| Cusip: | 06369NCR0
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