Published on 5/15/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $400,000 autocallable notes on Ford Motor
By Kiku Steinfeld
Chicago, May 15 – Bank of Montreal priced $1.36 million of 18.3% autocallable notes due Feb. 20, 2024 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically redeemed at par if the stock closes at or above its initial price on any monthly observation date after six months.
If the stock finishes at or above 69% of its initial share price, the payout at maturity will be par. Otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable notes
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| Underlying stock: | Ford Motor Co.
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| Amount: | $400,000
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| Maturity: | Feb. 20, 2024
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| Coupon: | 18.3% 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; otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par if stock closes at or above initial price on any monthly observation date after six months
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| Initial price: | $12.72
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| Trigger price: | $8.78; 69% of initial price
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| Pricing date: | Jan. 13, 2023
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| Settlement date: | Jan. 19, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.15%
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| Cusip: | 06369NET4
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