By William Gullotti
Buffalo, N.Y., April 1 – Bank of Montreal priced $6.24 million of autocallable barrier notes with contingent coupons due Dec. 31, 2024 linked to an equally-weighted basket of finance stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc. and Block, Inc.
The notes will pay a monthly coupon equal to 9.05% per year if the basket’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the basket closes at or above its initial level on any monthly observation date after six months.
If the notes are not called and the basket finishes at or above its 70% coupon barrier, the payout at maturity will be par plus the final coupon.
If the basket finishes below the coupon barrier but at or above the 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% of basket decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying basket: | Citigroup Inc., Bank of America Corp., Goldman Sachs Group, Inc., Block, Inc.; equal weights
|
| Amount: | $6,242,000
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| Maturity: | Dec. 31, 2024
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| Coupon: | 9.05% per year, payable monthly if the basket’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if basket finishes at or above coupon barrier; if basket finishes below coupon barrier but not below trigger level, par; otherwise, 1% loss for every 1% of basket decline from initial level
|
| Call: | At par plus contingent coupon if the basket closes at or above initial level on any monthly observation date after six months
|
| Initial levels: | $55.92 for Citi, $43.55 for BofA, $335.30 for Goldman Sachs, $138.12 for Block
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| Coupon barrier level: | 70% of initial levels
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| Trigger level: | 60% of initial levels
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.15%
|
| Cusip: | 06368GMC8
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