By Kiku Steinfeld
Chicago, March 13 – Bank of Montreal priced $654,000 of 0% autocallable reverse exchangeable notes due Jan. 2, 2024 linked to the performance of the stock of Intuit Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 13.3% per year.
The notes will be automatically redeemed at par if the stock closes at or above its initial level on any monthly observation date after six months.
If the notes are not called and the stock finishes at or above 68% of its initial level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the stock from its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable reverse exchangeable notes
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| Underlying stock: | Intuit Inc.
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| Amount: | $654,000
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| Maturity: | Jan. 2, 2024
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| Coupon: | 13.3% per year, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par if stock finishes at or above trigger level; otherwise, lose 1% for each 1% decline of stock from its initial level
|
| Call: | At par if the stock closes at or above initial level on any monthly observation date after six months
|
| Initial stock level: | $379.71
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| Coupon barrier: | $258.20; 68% of initial level
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| Trigger level: | $258.20; 68% of initial level
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| Pricing date: | Nov. 29, 2022
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| Settlement date: | Dec. 2, 2022
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| Selling agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06374VEQ5
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