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Bank of Montreal is issuing US$1,278,000 of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Contingent Coupons due January 25, 2027, linked to the common stock of Chevron Corporation.
The notes pay a contingent coupon of 0.7625% per month (about 9.15% per year), or $7.625 per $1,000, only if Chevron’s closing level on an Observation Date is at or above the coupon barrier of $118.15, which is 80% of the $147.69 initial level. Beginning June 22, 2026, the notes are automatically redeemed if Chevron’s level is at or above the initial level, returning principal plus the applicable coupon.
If the notes are not called and Chevron’s final level on January 20, 2027 is below the $118.15 trigger, investors receive Chevron shares (or cash) worth less than the $1,000 principal, and this amount can be zero. The estimated initial value is $970.48 per $1,000, reflecting hedging costs, commissions and the issuer’s pricing models.
Bank of Montreal is offering US$2,162,000 of senior medium-term Autocallable Buffer Notes with Contingent Coupons due January 25, 2027, linked to Spotify Technology S.A. shares. The notes pay a contingent coupon of 0.6958% per month (about 8.35% per year), or $6.958 per $1,000, but only if on each monthly Observation Date the Spotify share price is at or above a Coupon Barrier Level of $422.87, which is 75% of the Initial Level of $563.82.
Beginning June 22, 2026, if Spotify’s share price on an Observation Date is at or above the 100% Call Level, the notes are automatically redeemed at par plus the applicable coupon, ending further payments. At maturity, if the notes have not been called and Spotify has not fallen more than 25% from the Initial Level (its Final Level is at or above the $422.87 Buffer Level), investors receive full principal back plus any final coupon. If the Final Level is below the Buffer Level, repayment is in shares or cash based on the share performance, and investors can lose up to 75% of principal.
The estimated initial value of the notes is $970.79 per $1,000 of principal, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency, and involve significant risks highlighted in the risk factor sections.
Bank of Montreal is issuing US$3,000,000 of senior medium-term Autocallable Barrier Notes linked to Apple Inc. common stock, due December 26, 2028. The notes pay a contingent coupon of 1.7875% per quarter (approximately 7.15% per annum) if Apple’s closing level on an Observation Date is at or above the Coupon Barrier Level of $190.53, which is 70.00% of the Initial Level of $272.19.
Beginning March 23, 2026, the notes are automatically redeemed if Apple closes above the Initial Level on an Observation Date, returning principal plus the applicable coupon. If the notes are not called and Apple’s Final Level is below the Trigger Level of $190.53, investors lose principal in line with Apple’s negative performance, potentially down to zero. The estimated initial value is $968.29 per $1,000 principal, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.
Bank of Montreal is offering US$531,000 of senior medium-term barrier notes linked to the Russell 2000® Index and the S&P 500® Index, maturing on January 25, 2027. The notes pay a contingent coupon of 0.6375% per month (about 7.65% per year), or $6.375 per $1,000, only if on each observation date both indexes are at or above 80% of their initial levels.
At maturity, investors receive $1,000 per $1,000 in principal unless any index closes below its 80% trigger level, in which case repayment is reduced in line with the loss of the worst-performing index and can be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and have an estimated initial value of $966.10 per $1,000, reflecting fees, hedging and funding costs.
Bank of Montreal is issuing US$998,000 of senior medium-term autocallable barrier notes due March 23, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index.
The notes pay a contingent coupon of 0.6292% per month (about 7.55% per year), or $6.292 per $1,000, only if on each observation date both indices close at or above 80% of their initial levels. Starting June 17, 2026, the notes are automatically redeemed if both indices are at or above their initial levels, returning principal plus the due coupon.
If the notes are not redeemed and either index finishes below its 80% trigger level on the valuation date, investors lose principal in line with the decline of the worst-performing index, potentially down to zero. The estimated initial value is $967.83 per $1,000, reflecting hedging and issuance costs.
Bank of Montreal is issuing US$2,554,000 of senior medium-term Digital Return Barrier Notes due March 23, 2027, linked to the S&P 500, Russell 2000 and Dow Jones Industrial Average. The notes target an 8.05% digital return per $1,000 if the least-performing index on the March 18, 2027 valuation date finishes at or above 65% of its initial level. If that index falls more than 35% from its initial level, investors lose principal on a 1:1 basis and can lose their entire investment. The notes pay no periodic interest, are unsecured, unsubordinated obligations of Bank of Montreal, and will not be listed on any exchange. Estimated initial value is $975.81 per $1,000, below the 100% issue price, reflecting offering and hedging costs and the issuer’s internal funding rate. Investors also face BMO credit risk, limited liquidity and uncertain tax treatment.
Bank of Montreal is issuing US$2,215,000 of Senior Medium-Term Notes, Series K, due December 23, 2027, whose return is linked to the S&P 500 Index. The notes offer 200% leveraged upside on any index gain, capped at a Maximum Redemption Amount of $1,164 per $1,000 (a 16.40% maximum return). If the index finishes below its initial level but at or above a 10% buffer, investors receive a positive return up to $1,100 per $1,000 (10.00%). If the index falls more than 10%, principal is reduced 1% for each additional 1% decline, with losses up to 90% of principal. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, are not listed on any exchange, and had an estimated initial value of $968.28 per $1,000 at pricing.
Bank of Montreal is issuing US$866,000 of structured notes linked to the S&P 500 Index, offering leveraged upside and limited downside protection. These senior unsecured notes pay no interest and return at maturity depend on index performance through December 2029.
If the S&P 500 rises, investors receive 200% of the index gain, capped at a 34.00% maximum return, or $1,340 per $1,000 note. If the index falls by up to 10.00%, investors still receive a positive “absolute return” up to $1,100 per $1,000 note, equal to the size of the decline.
If the index falls by more than 10.00%, principal is reduced 1% for each additional 1% decline, up to a maximum 90.00% loss. The initial level is 6,774.76, with a 10.00% buffer set at 90.00% of that level. The notes are unsecured obligations of Bank of Montreal, not FDIC or CDIC insured, will not be listed on an exchange, and had an estimated initial value of $945.74 per $1,000 at pricing, below the public offering price.
Bank of Montreal is issuing $1,212,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due March 23, 2027, linked to the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average. The notes offer a fixed 9.21% digital return per $1,000 principal if, on the valuation date, the least performing index is at or above 70% of its initial level. If that index falls more than 30% from its initial level, investors lose 1% of principal for each 1% decline, up to a total loss.
The notes pay no interest, are unsecured debt of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with a 2.00% selling commission and 98.00% of proceeds to Bank of Montreal. The estimated initial value is $975.11 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is issuing $3.38 million of Senior Medium-Term Notes, Series K Digital Return Barrier Notes due January 25, 2027, linked to the worst performer of the S&P 500 Index and the Russell 2000 Index. These notes offer a fixed 10.48% digital return per $1,000 of principal if the least performing index finishes at or above 75% of its initial level on the valuation date. If that index falls more than 25% from its initial level, investors lose principal on a 1-for-1 basis and can lose their entire investment.
The notes pay no periodic interest, will not be listed on any exchange, and are unsecured obligations of Bank of Montreal, exposing investors to the bank’s credit risk. The price to the public is 100% of principal, including a 0.43% selling commission, with net proceeds of 99.57% to the issuer. The estimated initial value is $988.96 per $1,000, reflecting structuring and hedging costs, and the issuer highlights significant risks around market performance, liquidity, valuation and tax treatment.