New Issue: BMO sells $22.27 million autocallable buffer notes with step-up call on S&P

By William Gullotti

Buffalo, N.Y., March 25 – Bank of Montreal priced $22.27 million of 0% autocallable buffer notes with step-up call amount due March 22, 2029 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically redeemed at par plus an annualized call premium of 8% if the index closes at or above its call level, 90% of initial level, on any quarterly observation date after one year.

If the notes are not called, the payout at maturity will be par unless the final level of the index is less than 85% of the initial level, in which case investors will lose 1.1765% for each 1% decline of the index below 15%.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable buffer notes with step-up call amount
Underlying index:	S&P 500 index
Amount:	$22,265,000
Maturity:	March 22, 2029
Coupon:	0%
Price:	Par
Payout at maturity:	If not called, par unless the final level of the index is less than trigger level, in which case investors will lose 1.1765% for each 1% decline of the index below 15%
Call:	At par plus 8% annualized premium if the index closes at or above call level on any quarterly observation date after one year; includes maturity date
Initial level:	5,149.42
Call level:	4,634.48; 90% of initial level
Trigger level:	4,377.01; 85% of initial level
Pricing date:	March 18
Settlement date:	March 21
Agent:	BMO Capital Markets Corp.
Fees:	None
Cusip:	06376A4N7

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