By Kiku Steinfeld
Chicago, May 25 – Bank of Montreal priced $468,000 of callable barrier notes with memory coupons due Jan. 24, 2025 linked to the performance of the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 10.7% per year if the ETF’s closing level is at least 60% of its initial level on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called and the ETF finishes at or above its 60% 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: | Callable barrier notes with memory coupons
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| Underlying fund: | VanEck Gold Miners ETF
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| Amount: | $468,000
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| Maturity: | Jan. 24, 2025
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| Coupon: | 10.7% per year, payable quarterly if the ETF’s closing level is at or above its coupon barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If ETF finishes at or above its trigger level, par; otherwise, investors will lose 1% for each 1% of ETF decline from its initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial level: | $32.02
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| Coupon barrier level: | $19.21; 60% of initial level
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| Trigger level: | $19.21; 60% of initial level
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| Pricing date: | Jan. 19, 2023
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| Settlement date: | Jan. 24, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1.75%
|
| Cusip: | 06369NFF3
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