Chicago, Dec. 19 – Bank of Montreal priced $1.81 million of 0% step-down autocallable barrier notes with step-up call amount due Dec. 13, 2027 linked to 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 9% annualized premium if the index closes at or above its call level on any quarterly valuation date. The call level is equal to the initial level for each observation date except for the final, when it will be equal to the 70% barrier level.
The maturity date premium is 36%.
If the notes are not called at maturity, investors will lose 1% for every 1% that the index declines from its initial level.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
|
| Issue: | Step-down autocallable barrier notes with step-up call amount
|
| Underlying index: | S&P 500 index
|
| Amount: | $1,805,000
|
| Maturity: | Dec. 13, 2027
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If called, par plus 36%; if the notes are not called, 1% loss for every 1% that index finishes below initial level
|
| Call: | At par plus 9% annualized premium if the index closes at or above call level on any annual valuation date; call level is equal to the initial level for each observation date except for the final, where it will be equal to the barrier level
|
| Initial level: | 4,604.37
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| Barrier level: | 3,223.06; 70% of initial level
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| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 13
|
| Selling agent: | BMO Capital Markets Corp.
|
| Fees: | 0%
|
| Cusip: | 06375MML6
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