By Kiku Steinfeld
Chicago, April 22 – Bank of Montreal $418,000 of autocallable barrier notes with memory coupons due July 31, 2026 linked to the stock performance of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 17% per year if the stock closes at or above its coupon barrier level, 60% of its initial price, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called and the stock finishes at or above its 60% trigger price, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with memory coupons
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $418,000
|
| Maturity: | July 31, 2026
|
| Coupon: | 17% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If the stock finishes at or above its trigger price, par plus all unpaid coupons; otherwise, full exposure to decline from initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any quarterly observation date after six months
|
| Initial price: | $255.71
|
| Coupon barrier: | $153.43; 60% of initial price
|
| Trigger price: | $153.43; 60% of initial price
|
| Pricing date: | July 27, 2023
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| Settlement date: | July 31, 2023
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.65%
|
| Cusip: | 06375M2W4
|
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