Chicago, March 13 – Bank of Montreal priced $350,000 of autocallable notes due June 20, 2023 linked to the common stock of Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 9% per year.
The notes will be automatically redeemed at par plus the 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 70% of its initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the losses of the stock. Investors will also receive the coupon.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable notes
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| Underlying stock: | Chevron Corp.
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| Amount: | $350,000
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| Maturity: | June 20, 2023
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| Coupon: | 9% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors will be fully exposed to the losses of the stock and will receive the coupon
|
| Call: | At par plus coupon if stock closes at or above initial price on any monthly observation date after six months
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| Initial price: | $174.03
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| Trigger price: | $121.82; 70% of initial price
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| Pricing date: | May 17, 2022
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| Settlement date: | May 20, 2022
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06368GTA5
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