New Issue: BMO sells $13.8 million 6.73% callable barrier notes on S&P, Nasdaq, Russell

By William Gullotti

Buffalo, N.Y., July 14 – Bank of Montreal priced $13.8 million of callable barrier notes with contingent coupons due July 14, 2022 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly coupon equal to 6.73% per year.

The notes will be callable on any monthly observation date after six months.

If the notes are not called, the payout at maturity will be par unless any index finishes below its 70% trigger level, in which case investors will lose 1% for each 1% decline based on the final level from the initial level of the least-performing index.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Callable barrier notes
Underlying indexes:	S&P 500 index, Nasdaq-100 index, Russell 2000 index
Amount:	$13,798,000
Maturity:	July 14, 2022
Coupon:	6.73% per year, payable monthly
Price:	Par
Payout at maturity:	Par unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least-performing index
Call option:	At par on any monthly observation date after six months
Initial levels:	4,369.55 for S&P, 14,826.09 for Nasdaq, 2,280.005 for Russell
Trigger levels:	3,058.69 for S&P, 10,378.26 for Nasdaq, 1,596.004 for Russell; 70% of initial levels
Pricing date:	July 9
Settlement date:	July 14
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06368EQK1

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