Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: BMO prices $3.56 million autocallable barrier notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 24 – Bank of Montreal priced $3.56 million autocallable barrier notes due April 23, 2026 linked to the stock performance of Caterpillar Inc., Home Depot, Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 11.12% per year.
The notes will be automatically redeemed at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date.
If the notes are not called and each stock finishes at or above its 60% downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes
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| Underlying stocks: | Caterpillar Inc., Home Depot, Inc., Amazon.com, Inc.
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| Amount: | $3,555,000
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| Maturity: | April 23, 2026
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| Coupon: | 11.12% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above downside threshold; otherwise, receive a number of shares per note of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly observation date
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| Initial levels: | $357.93 for Caterpillar, $332.89 for Home Depot, $179.22 for Amazon
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| Downside thresholds: | $214.76 for Caterpillar, $199.73 for Home Depot, $107.53 for Amazon; 60% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.745%
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| Cusip: | 06369NTX9
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