Chicago, May 17 – Bank of Montreal priced $938,000 of autocallable notes with a contingent coupons due July 24, 2023 linked to the common stock of Paramount Global, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 17.25% per year if the stock closes at or above its coupon barrier level, 66% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any monthly observation date after six months.
If the notes are not called and the stock finishes at or above 66% of its initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price 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 notes with contingent coupon
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| Underlying stock: | Paramount Global
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| Amount: | $938,000
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| Maturity: | July 24, 2023
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| Coupon: | 17.25% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus contingent coupon if each stock closes at or above initial price on any monthly observation date after six months
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| Initial price: | $24.60
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| Coupon barrier/trigger price: | $16.24; 66% of initial price
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| Pricing date: | June 21, 2022
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| Settlement date: | June 24, 2022
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
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| Cusip: | 06369NCG4
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