New Issue: Bank of Montreal prices $385,000 step-down autocallables linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 5 – Bank of Montreal priced $385,000 of 0% step-down autocallable barrier notes with step up call amount due May 3, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Beginning May 6, 2024, the notes will be automatically called at par plus 10.1% per year if the index closes at or above its call level on any quarterly observation date. The call level will be 100% of the initial index level on each observation date except for the final observation date, when it will be 70% of the initial index level.

If the notes are not called because the final index level was less than 70% of the initial index level, investors will lose 1% for every 1% that the index declines from its initial level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Step-down autocallable barrier notes with step up call amount
Underlying index:	S&P 500 index
Amount:	$385,000
Maturity:	May 3, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	Full exposure to index’s decline
Call:	Beginning May 6, 2024, automatically at par plus 10.1% per year if index closes at or above call level on any quarterly observation date; call level will be 100% of initial index level on each observation date except for final observation date, when it will be 70% of initial index level
Initial level:	4,169.48
Trigger level:	2,918.64, or 70% of initial level
Pricing date:	April 28, 2023
Settlement date:	May 3, 2023
Agent:	BMO Capital Markets Corp.
Fees:	0%
Cusip:	06374VTJ5

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