By Wendy Van Sickle
Columbus, Ohio, June 3 – Bank of Montreal priced $1.5 million of autocallable barrier notes with a contingent coupon due June 23, 2024 linked to the common index of S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 8.8% per year if the index closes at or above its coupon barrier level, 68% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any monthly observation date starting after six months.
If the notes have not been called, the payout at maturity will be par unless the index finishes below its 68% trigger level, in which case investors will lose 1% for every 1% that the index finishes below its initial level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying index: | S&P 500 index
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Amount: | $1,502,000
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Maturity: | June 3, 2024
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Coupon: | 8.8% per year, payable monthly if index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless the index finishes below its trigger level, in which case investors will lose 1% for every 1% that the index finishes below its initial level
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Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date starting after six months
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Initial level: | 4,132.15
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Coupon barrier/trigger level: | 2,809.86; 68% of initial level
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Pricing date: | May 31
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Settlement date: | June 3
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.2%
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Cusip: | 06368GTF4
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