BMO plans 5.2% contingent interest autocallables tied to S&P 500

By Susanna Moon

Chicago, Sept. 26 – Bank of Montreal plans to price autocallable notes with contingent interest payments due Oct. 25, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual of 5.2% if the index closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the index closes at or above its 110% call level on any review date beginning in April 2020.

The payout at maturity will be par unless the index falls below its 60% trigger level, in which case investors will be exposed to any losses.

BMO Capital Markets Corp. is the agent.

The notes will price on Oct. 22.

The Cusip number is 06367WCR2.

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