New Issue: BMO prices $6.48 million autocallable notes with contingent interest on S&P

By Sarah Lizee

Olympia, Wash., March 30 – Bank of Montreal priced $6.48 million of autocallable notes with contingent interest payments due March 25, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 8.65% if the index closes above its coupon barrier, 60% of its initial level, on the related observation date.

The notes will be automatically called at par plus a coupon if the index closes at or above 110% of the initial price on any quarterly call valuation date starting in September 2021.

If the notes are not called, the payout at maturity will be par unless the index finishes below 60% of its initial price.

BMO Capital Markets is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable notes with contingent interest payments
Underlying index:	S&P 500
Amount:	$6,475,000
Maturity:	March 25, 2024
Coupon:	8.65%, payable quarterly if index closes above its coupon barrier, 60% of its initial level, on observation date
Price:	Par
Payout at maturity:	Par unless index finishes below 60% of its initial level, in which case full exposure to loss
Call:	Automatically at par plus coupon if index closes at or above 110% of initial level on any quarterly call valuation date starting in September 2021
Initial index level:	2,304.92
Coupon barrier:	1,382.95, 60% of initial level
Call level:	110% of initial level
Pricing date:	March 20
Settlement date:	March 25
Underwriter:	BMO Capital Markets
Fees:	None
Cusip:	06367WYR8

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