New Issue: BMO prices $5.8 million 9% autocallable barrier notes on S&P, Russell

By William Gullotti

Buffalo, N.Y., Nov. 24 – Bank of Montreal priced $5.8 million of 9% autocallable barrier notes due Feb. 24, 2023 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is paid quarterly.

The notes will be automatically redeemed at par if each index closes at or above its initial level on any quarterly observation date after six months.

If the notes have not been called, the payout at maturity will be par unless any index closes below its 75% trigger level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$5,802,000
Maturity:	Feb. 24, 2023
Coupon:	9%, paid quarterly
Price:	Par
Payout at maturity:	Par unless any index closes below its 75% trigger level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
Call:	At par if indexes close at or above initial levels on any quarterly observation date after six months
Initial levels:	4,697.96 for S&P, 2,343.161 for Russell
Trigger levels:	3,523.47 for S&P, 1,757.371 for Russell; 75% of initial levels
Pricing date:	Nov. 19
Settlement date:	Nov. 24
Agent:	BMO Capital Markets Corp.
Fees:	0.75%
Cusip:	06368G5P8

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