By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Bank of Montreal priced $5 million of 0% step-down autocallable barrier notes with step-up call amount due Dec. 23, 2027 linked to the lesser performing of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 11.5% annualized premium if the index closes at or above its call level on any annual observation date. The call level is 100% of the initial level on each observation date except the final one, when it is 65% if the initial level.
If the final level of the index is greater than or equal to its 65% barrier level, the payout at maturity will be par, plus the 57.5% final call amount. Otherwise, investors will lose 1% for every 1% that the index finishes below its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Step-down autocallable barrier notes with step-up call amount
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| Underlying indexes: | S&P 500
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| Amount: | $5 million
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| Maturity: | Dec. 23, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of index is greater than or equal to barrier level, par plus 57.5% final premium; otherwise, 1% loss for every 1% that index finishes below initial level
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| Call: | At par plus 11.5% annualized premium if the index closes at or above call level on any annual observation date; call level is 100% of the initial level on every observation date except the final one, when it is 65% of the initial level
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| Initial index level: | 3,852.36
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| Barrier level: | 2,504.03; 65% of initial level
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 23
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| Selling agent: | BMO Capital Markets Corp.
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| Fees: | 0.3%
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| Cusip: | 06374VHA7
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