New Issue: BMO prices $713,000 autocallable barrier notes with contingent coupons on stock basket

By Kiku Steinfeld

Chicago, April 8 – Bank of Montreal priced $713,000 of 0% autocallable barrier notes with contingent coupons due Jan. 13, 2026 linked to an equally-weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc., Schlumberger NV and Synopsys, Inc.

The notes will pay a monthly coupon equal to 10% per year if the stock basket closes above its coupon trigger level, 80% of its initial level, on the relevant observation date.

The notes will be automatically redeemed at par if the stock basket closes at or above its initial level on any monthly observation date after one year.

If the notes are not called and the basket finishes at or above its 70%final trigger level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the basket from its initial level.

BMO Capital Markets Corp. is the underwriter.

Issuer:	Bank of Montreal
Issue:	Autocallable barrier notes with contingent coupons
Underlying components:	Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc., Schlumberger NV and Synopsys, Inc.; equal weights
Amount:	$713,000
Maturity:	Jan. 13, 2026
Coupon:	10% per year, payable monthly if stock basket closes at or above coupon trigger level on related observation date
Price:	Par
Payout at maturity:	Par if stock basket finishes above final trigger level; otherwise, lose 1% for each 1% decline of stock basket from its initial level
Call:	Automatically at par if the stock basket closes at or above its initial level on any monthly observation date after one year
Initial level:	$191.05 for Analog, $84.88 for Amphenol, $91.64 for Edwards, $38.98 for Freeport, $340.27 for Intuitive, $467.66 for KLA, $565.60 for ServiceNow, $121.81 for Prologis, $53.62 for Schlumberger, $445.72 for Synopsys
Coupon trigger level:	80% of initial level
Final trigger level:	70% of initial level
Pricing date:	July 10, 2023
Settlement date:	July 13, 2023
Underwriter:	BMO Capital Markets Corp.
Fees:	0.5%
Cusip:	06374VYT7

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