By Kiku Steinfeld
Chicago, April 26 – Bank of Montreal priced $1.16 million of autocallable barrier notes with contingent coupons due Feb. 3, 2025 linked to the common stock of NIKE, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 7.75% per year if the stock closes at or above its coupon barrier level, 63% 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 Jan. 31, 2024.
If the notes are not called and the stock finishes at or above its 63% trigger price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the stock, payable in shares or cash at the issuer’s option.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
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| Underlying stock: | NIKE, Inc.
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| Amount: | $1,158,000
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| Maturity: | Feb. 3, 2025
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| Coupon: | 7.75% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors will be fully exposed to the losses of the stock, payable in shares or cash at the issuer’s option
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any monthly observation date starting Jan. 31, 2024
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| Initial price: | $110.39
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| Coupon barrier: | $69.55; 63% of initial price
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| Trigger price: | $69.55; 63% of initial price
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| Pricing date: | July 31, 2023
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| Settlement date: | Aug. 3, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.4%
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| Cusip: | 06369NKP5
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