Chicago, May 18 – Bank of Montreal priced $35,000 of autocallable barrier notes with a contingent coupon due Sept. 30, 2024 linked to the SPDR S&P Oil & Gas Exploration &Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 15.5% per year if the fund closes above its coupon barrier level, 70% of its initial price, on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if the fund closes above its initial price on any monthly observation date starting after six months.
If the notes are not called, the payout at maturity will be par unless the fund closes below 70% of its initial price, in which case investors will lose 1% for each 1% decline of the fund from its initial price.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $35,000
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Maturity: | Sept. 30, 2024
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Coupon: | 15.5% per year, payable monthly if each fund closes above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless fund closes below 70% of its initial price, in which case investors will lose 1% for each 1% decline of fund from its initial price
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Call: | At par plus contingent coupon if each fund closes above initial price on any monthly observation date starting after six months
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Initial price: | $127.57
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Coupon barrier/trigger price: | $89.30, 70% of initial price
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Pricing date: | June 27, 2022
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Settlement date: | June 30, 2022
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Agent: | BMO Capital Markets Corp.
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Fees: | 3.1%
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Cusip: | 06368GUY1
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