New Issue: BMO sells $4.5 million autocallable barrier notes with memory coupons on indexes, ETF

By Wendy Van Sickle

Columbus, Ohio, May 2 – Bank of Montreal priced $4.5 million autocallable barrier notes with memory coupons due July 31, 2025 linked to the Russell 2000 index, the VanEck Gold Miners ETF and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly coupon equal to 19.71% per year if each asset’s closing level is more than 80% of its initial level on the corresponding observation date, plus any previously unpaid coupon.

The notes will be automatically redeemed at par plus the contingent coupon if each asset closes above its initial level on any monthly observation date after six months.

If the notes are not called, the payout at maturity will be par plus the final coupon and any previously unpaid coupons if each asset finishes at or above the coupon barrier.

If the final level of any asset is less than the coupon barrier but each finishes at or above 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes with memory coupons
Underlying assets:	Russell 2000 index, VanEck Gold Miners ETF, Nasdaq-100 index
Amount:	$4.5 million
Maturity:	July 31, 2025
Coupon:	19.71% per year, payable monthly if each asset closes above its coupon barrier on the corresponding observation date; coupon payment events will also include any previously unpaid coupons
Price:	Par
Payout at maturity:	Par plus final coupon if each asset finishes at or above coupon barrier; if the worst performing asset finishes below the coupon barrier but at or above downside threshold, par; otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level
Call:	At par plus contingent coupon if the assets close at or above their initial levels on any monthly observation date after six months
Initial levels:	$34.33 for Gold Miners, 17,430.5 for Nasdaq, 1,981.118 for Russell
Coupon barriers:	$27.46 for Gold Miners, 13,944.4 for Nasdaq, 1,584.894 for Russell; 80% of initial levels
Downside thresholds:	$22.31 for Gold Miners, 11,329.83 for Nasdaq, 1,287.727 for Russell; 65% of initial levels
Pricing date:	April 25
Settlement date:	April 29
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06376AF70

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