By William Gullotti
Buffalo, N.Y., March 26 – Bank of Montreal priced $2.5 million of autocallable barrier notes with a contingent coupon due March 20, 2026 linked to the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 8.5% per year if the ETF closes at or above its coupon barrier level, 65% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the ETF closes at or above its initial price on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the final price of the ETF is less than 65% of its initial price, in which case investors will lose 1% for each 1% decline of the ETF from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable barrier notes with contingent coupon
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| Underlying fund: | VanEck Gold Miners ETF
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| Amount: | $2.5 million
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| Maturity: | March 20, 2026
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| Coupon: | 8.5% per year, payable monthly if ETF closes at or above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless final price of ETF is less than trigger price, in which case investors will lose 1% for each 1% decline of ETF from its initial price
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| Call: | At par plus contingent coupon if the ETF closes at or above initial price on any observation date after three months
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| Initial price: | $29.89
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| Coupon barrier/trigger price: | $19.43; 65% of initial price
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.35%
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| Cusip: | 06376A2C3
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