By Angela McDaniels
Tacoma, Wash., April 25 – Bank of Montreal priced $423,000 of autocallable barrier notes with memory coupons due July 20, 2026 linked to the class A common stock of Lyft, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above its trigger level, 50% of its initial share price, on a quarterly observation date, the notes will pay a contingent coupon that quarter at the rate of 21% per year plus any previously unpaid contingent coupons.
Beginning Jan. 17, 2024, the notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock’s final share price is less than the trigger level, in which case investors will lose 1% for every 1% that the stock declines from its initial share price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with memory coupons
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| Underlying stock: | Lyft, Inc.
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| Amount: | $423,000
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| Maturity: | July 20, 2026
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| Coupon: | 21% per year, payable quarterly if stock closes at or above trigger level on observation date for that quarter; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless stock’s final share price is less than trigger level, in which case 1% loss for every 1% that stock declines from initial share price
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| Initial share price: | $11.48
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| Trigger level: | $5.74, or 50% of initial share price
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| Pricing date: | July 17, 2023
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| Settlement date: | July 20, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.75%
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| Cusip: | 06375M2S3
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