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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.
Bank of Montreal is offering US$297,000 of senior medium-term autocallable barrier notes due June 23, 2026, linked to the Class A common stock of Robinhood Markets, Inc. The notes pay a contingent coupon at a rate of 2.50% per month (approximately 30.00% per annum) when the Robinhood share price on an observation date is at or above the coupon barrier level of $76.15, which is 65.00% of the initial level of $117.16.
Beginning March 18, 2026, the notes are automatically redeemed if the stock closes above 100% of the initial level on an observation date, returning principal plus that month’s coupon. If the notes are not called and the final stock level is below the $76.15 trigger level, investors receive shares (or cash) equal to the physical delivery amount, which can be worth substantially less than the $1,000 principal and could decline further after maturity. The estimated initial value is $969.90 per $1,000, and the notes are unsecured and not insured by any deposit insurance agency.
Bank of Montreal is issuing US$7,000,000 of Senior Medium-Term Notes, Series K, maturing on April 23, 2027, that offer a potential 11.60% “digital” return based on the performance of the least performing of the S&P 500®, NASDAQ-100 Index® and Russell 2000® Index. Investors receive $1,116 per $1,000 note at maturity if that least performing index finishes at or above 75% of its initial level. If it finishes between 59% and 75% of its initial level, investors just receive back principal with no gain.
If the least performing index ends below 59% of its initial level, repayment is reduced one-for-one with the index loss, and investors can lose up to their entire principal. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, are not insured by any deposit insurer, and are not listed on an exchange, so liquidity may be limited. The notes are sold at 100% of principal, with a 0.10% selling commission, and the bank’s estimated initial value is $991.93 per $1,000.
Bank of Montreal is offering Accelerated Return Notes linked to Apple Inc. common stock with an aggregate public offering price of $9,643,190.00. These senior unsecured notes pay a cash amount at maturity based on the performance of Apple’s stock relative to a Starting Value of $272.19, and all payments are subject to BMO’s credit risk.
The notes offer a 300% participation rate in positive stock performance, but gains are capped at a Capped Value of $12.208 per unit, equal to a maximum return of 22.08% over the $10 principal. If Apple’s Ending Value is below the Starting Value, investors lose principal on a 1-for-1 basis down to a zero return in a severe decline.
The initial estimated value of each note is $9.71, below the $10.00 public offering price, reflecting BMO’s internal funding rate, an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit. The notes are not listed on any exchange, do not pay dividends, mature on February 26, 2027, and secondary market prices, if available, may differ from both the issue price and the initial estimated value.
Bank of Montreal is issuing US$3,500,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due December 26, 2028, linked to the common stock of The Goldman Sachs Group, Inc. (GS). The notes pay a contingent coupon of 2.50% per quarter (about 10.00% per year), or $25 per $1,000, only if GS closes on each observation date at or above the coupon barrier of $613.41, which is 70.00% of the $876.30 initial level.
Beginning March 23, 2026, the notes are automatically redeemed if GS closes above the initial level, returning principal plus the coupon for that period. If not called, investors receive $1,000 per $1,000 note at maturity only if the final GS level is at or above the $613.41 trigger level; if it is below, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated initial value is $965.97 per $1,000, reflecting structuring and hedging costs.
Bank of Montreal is offering US$118,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due June 23, 2026, linked to the common stock of Moderna, Inc. (MRNA). The notes pay a contingent coupon of 2.3333% per month (about 28.00% per year), or $23.333 per $1,000, but only if on each observation date Moderna’s share price is at or above the coupon barrier of $20.12, which is 65.00% of the initial level of $30.95.
Beginning March 18, 2026, if the stock closes above the initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If they are not called and Moderna’s final level is at or above the $20.12 trigger level, investors receive $1,000 per $1,000 note at maturity plus any final coupon. If the final level is below the trigger, investors receive shares (or cash) equal to a physical delivery amount worth less than the principal, with losses matching the stock’s decline below 65% of the initial level. The estimated initial value is $961.27 per $1,000.
Bank of Montreal is offering US$50,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes with contingent coupons due June 23, 2026. The notes are linked to the least performing of Intel Corporation common stock and Advanced Micro Devices, Inc. common stock.
The notes pay a contingent monthly coupon of 1.6667% (approximately 20.00% per annum), or $16.667 per $1,000, only if on each Observation Date both stocks close at or above their respective coupon barrier levels, set at 65.00% of their initial levels ($23.58 for INTC and $130.69 for AMD). Beginning March 18, 2026, if on any Observation Date both stocks are at or above their initial levels, the notes are automatically redeemed at par plus the applicable coupon.
If the notes are not called and, on the Valuation Date, either stock finishes below its trigger level (the same 65.00% barriers), investors receive shares or cash linked to the worst performer, which can be worth substantially less than the principal, down to zero. The estimated initial value is $964.11 per $1,000, less than the US$1,000 price, and the notes are unsecured, uninsured obligations of Bank of Montreal.
Bank of Montreal is offering senior unsecured market-linked notes tied to the worst-performing of Arista Networks and Meta Platforms stock, maturing on February 1, 2027. Each security has a $1,000 face amount and an original offering price of $1,000, with an estimated initial value of $987.30 per security (not less than $930.00 at pricing.
At maturity, if the worst-performing stock ends at or above 55% of its starting value, investors receive $1,000 plus a contingent fixed return of at least 17.50% ($175). If it ends below 55% of its starting value, repayment is reduced 1-for-1 with the decline in that stock, and investors can lose more than 45%, up to their entire principal. The notes pay no interest, are not insured, are not bail-inable, and all payments depend on Bank of Montreal’s credit. The securities will not be listed, and any secondary market is expected to be limited and dealer-driven.
Bank of Montreal is offering $11,900,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 23, 2030. Each note has a principal amount of $1,000 and pays fixed interest at 4.30% per annum, with semi-annual interest payments on June 23 and December 23, starting June 23, 2026. Unless redeemed earlier, investors receive $1,000 per note plus accrued interest at maturity.
Bank of Montreal may redeem all (but not part) of the notes on December 23, 2029 at 100% of principal plus accrued interest. The notes are unsecured obligations of Bank of Montreal, are not insured by any governmental agency, will not be listed on any securities exchange, and may have limited or no secondary market. They are bail-inable under the Canada Deposit Insurance Corporation Act and can be converted into common shares or varied or extinguished in a resolution event. The original issue price is $1,000 per note, with total underwriting discounts of $64,498 and net proceeds to Bank of Montreal of $11,835,502.
Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 23, 2037. The notes pay fixed interest of 5.15% per year, with semi-annual payments each June 23 and December 23, beginning June 23, 2026, and a $1,000 repayment per note at maturity if they are not redeemed earlier.
Bank of Montreal may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on specified semi-annual dates from December 23, 2027 through June 23, 2037. The notes are unsecured, will not be listed on any exchange, are subject to Bank of Montreal’s credit risk and Canadian bail-in conversion powers, and will provide the bank with approximately $1,978,000 in proceeds after underwriting discounts.