New Issue: Bank of Montreal prices $1.34 million autocallable barrier notes on Freeport-McMoRan

By Kiku Steinfeld

Chicago, Nov. 6 – Bank of Montreal priced $1.34 million of 10.5% autocallable barrier notes due April 7, 2025 linked to Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly at 10.5% per year.

After six months, the notes will be automatically called at par plus the coupon if the stock closes at or above its initial share price on any monthly observation date.

If the notes are not called and the stock finishes at or above its 50% trigger share price, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for each 1% decline of the stock from its initial price, payable in shares or cash at the issuer’s option.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes
Underlying stock:	Freeport-McMoRan Inc.
Amount:	$1,337,000
Maturity:	April 7, 2025
Coupon:	10.5% per year, payable monthly
Price:	Par
Payout at maturity:	If the stock finishes at or above its trigger price, par plus coupon; otherwise, full exposure to decline from initial price, payable in shares or cash at the issuer’s option
Call:	After six months, automatically at par plus coupon if stock closes at or above initial share price on any monthly observation date
Initial share price:	$40.26
Coupon barrier share price:	$20.13, or 50% of initial share price
Trigger share price:	$20.13, or 50% of initial share price
Pricing date:	April 4, 2023
Settlement date:	April 10, 2023
Agent:	BMO Capital Markets Corp.
Fees:	2.95%
Cusip:	06369NGM7

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