By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Bank of Montreal priced $1 million of autocallable barrier notes with a contingent coupon due March 19, 2025 linked to the common stock of Domino's Pizza, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 11% per year if the stock closes at or above its coupon barrier level, 70% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any monthly observation date starting after six months.
If the notes are not called and the stock finishes at or above its 60% trigger price, the payout at maturity will be par plus the final coupon, if any.
Otherwise, investors will be fully exposed to the shares’ decline.
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 stock: | Domino's Pizza, Inc.
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| Amount: | $1 million
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| Maturity: | March 19, 2025
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| Coupon: | 11% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
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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, if any; otherwise, full exposure to loss
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| Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date starting after six months
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| Initial price: | $399.07
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| Coupon barrier: | $279.35; 70% of initial price
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| Trigger price: | $239.44; 60% of initial price
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 19
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06375MC60
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