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Bank of Montreal is issuing $1,750,000 of Senior Medium‑Term Notes, Series K, in the form of autocallable barrier notes due January 22, 2027, linked to the common stock of SLB N.V. (Schlumberger Limited). The notes pay a contingent coupon of 0.9525% per month (about 11.43% per year), or $9.525 per $1,000, only if SLB’s closing level on an observation date is at or above the coupon barrier of $27.36, which is 71% of the initial level of $38.53.
Starting June 16, 2026, if SLB closes above its initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If the notes are not called and SLB finishes below the trigger level of $27.36 on the valuation date, investors receive SLB shares (or cash equivalent) based on a physical delivery formula and can lose most or all of their principal. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $968.51 per $1,000 of principal.
Bank of Montreal is offering US$1,888,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to Starbucks Corporation common stock. These notes pay a contingent monthly coupon of 0.755% (about 9.06% per year), but only if SBUX closes on each observation date at or above the coupon barrier of $55.39, which is 65% of the initial level of $85.21.
The notes can be automatically redeemed starting June 16, 2026 if SBUX closes above the call level, set at 100% of the initial level. In that case, holders receive their principal plus the applicable contingent coupon, and no further payments. If the notes are not called and, on the valuation date of January 19, 2027, SBUX is at or above the $55.39 trigger level, investors receive $1,000 per note plus any final coupon.
If the final level is below the trigger, investors receive either shares of SBUX (the physical delivery amount) or an equivalent cash amount, both based on the depressed final price, so principal can be significantly reduced and could fall to zero. The estimated initial value is $970.40 per $1,000 note, reflecting hedging costs, fees and Bank of Montreal’s funding rate.
Bank of Montreal is offering senior unsecured market-linked notes that pay contingent monthly coupons and are auto-callable based on the performance of the common stock of Advanced Micro Devices, Micron Technology and UnitedHealth Group.
Each security has a $1,000 face amount, with an estimated initial value of $955.20 per security on the preliminary date and not less than $920.00 at pricing. A coupon of at least 21.30% per annum, paid monthly, is only received if the lowest performing stock on a calculation day closes at or above 50% of its starting value; missed coupons can be "remembered" and paid later if this condition is met.
The notes can be automatically called from June 2026 to November 2028 if the lowest performing stock is at or above its starting value, returning face amount plus applicable coupons. If not called, investors receive $1,000 at maturity only if the lowest performing stock is at or above 50% of its starting value; otherwise, repayment is reduced in line with that stock’s decline, and losses can exceed 50% of principal. The securities are not insured and are fully subject to Bank of Montreal’s credit risk, with complex U.S. tax treatment and potential 30% withholding on coupons for non-U.S. holders.
Bank of Montreal is issuing US$1,294,000 of senior autocallable barrier notes due December 22, 2027, linked to the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a contingent coupon of 2.425% per quarter (about 9.70% per year), or $24.25 per $1,000, but only if all three indexes are at or above their coupon barrier levels on an observation date. Missed coupons can be "remembered" and paid later if the barriers are met under the memory coupon feature.
Beginning December 17, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus any due coupons. If the notes are not called, investors receive $1,000 per $1,000 of principal at maturity as long as no trigger event occurs. A trigger event happens if, on the valuation date, any index closes below 75% of its initial level; in that case, repayment is reduced in line with the decline of the worst-performing index and can fall to zero.
The price to the public is 100% of principal, with a 1.75% agent’s commission and 98.25% of proceeds to Bank of Montreal. The estimated initial value is $973.70 per $1,000, reflecting structuring and hedging costs. The notes are unsecured obligations and carry detailed structural and market risks outlined in the risk sections.
Bank of Montreal is issuing US$4,202,000 of senior medium-term Autocallable Barrier Notes due December 22, 2028, linked to AMD and NVIDIA stock. The notes pay contingent coupons of 4.20% per quarter (about 16.80% per year), or $42 per $1,000, only if on each observation date both stocks close at or above their coupon barrier levels, set at 50.00% of their initial levels ($99.06 for AMD and $85.47 for NVIDIA), with a memory feature for missed coupons.
Beginning June 16, 2026, the notes are automatically redeemed if both stocks are at or above 100% of their initial levels, returning principal plus any due coupons. If not redeemed early and any stock finishes below its trigger level (also 50.00% of initial), investors lose principal in line with the decline of the worst-performing stock and could lose the entire investment. The estimated initial value is $968.75 per $1,000, and the notes are unsecured, unsubordinated obligations of Bank of Montreal.
Bank of Montreal is offering US$54,436,000 of Senior Medium-Term Notes, Series K, in the form of callable barrier notes due December 22, 2026, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes pay a monthly coupon of 0.9708% (approximately 11.65% per year), with each coupon equal to $9.708 per $1,000 in principal, and may be called at the issuer’s discretion beginning June 16, 2026. If not called, investors receive $1,000 per note at maturity unless a trigger event occurs and the final level of the least performing index is below its initial level, in which case repayment is reduced in line with index losses and can be zero. The trigger levels are set at 70% of initial levels for each index, and the estimated initial value is $988.57 per $1,000, reflecting hedging and distribution costs.
Bank of Montreal is issuing US$1,442,000 of Senior Medium-Term Notes, Series K, as autocallable barrier notes linked to the common stock of PVH Corp., maturing on December 22, 2027. The notes pay a contingent coupon of 3.00% per quarter (about 12.00% per year), or $30.00 per $1,000, only if PVH’s closing level on an observation date is at or above the coupon barrier of $43.03, which is 60% of the initial level of $71.72.
Starting June 17, 2026, the notes are automatically redeemed if PVH closes above its initial level, returning principal plus the applicable coupon. If the notes are not called and PVH’s final level on December 17, 2027 is below the trigger level of $43.03, investors receive shares (or cash equivalent) worth less than the principal, potentially losing their entire investment. The estimated initial value is $955.90 per $1,000, below the issue price, reflecting fees and hedging costs.
Bank of Montreal is offering unsecured, structured notes linked to the VanEck Gold Miners ETF. The notes do not pay interest and are designed to be held to maturity, with a term expected between 13 and 15 months.
At maturity, for each $1,000 note you receive: 200% of the ETF’s positive return, capped at a maximum settlement amount expected between $1,370.60 and $1,434.80; return of principal if the ETF has fallen by up to 10.00%; or a loss of about 1.1111% of principal for every 1% the ETF ends below 90% of its initial level, which can result in losing all principal.
The estimated initial value is expected between $958.20 and $988.20 per $1,000 note, lower than the issue price due to fees and hedging costs. The notes are not listed on an exchange, involve credit risk of Bank of Montreal, and are exposed to risks of gold and silver mining stocks, non-U.S. and emerging markets, currency movements, and uncertain U.S. tax treatment.
Bank of Montreal is offering unsecured, index-linked notes whose payoff depends on the performance of the Nasdaq-100 Index® over a term expected to be 15–17 months. The notes pay no interest and are designed to be held to maturity, with no listing on any securities exchange.
At maturity, for each $1,000 note, investors receive a fixed threshold settlement amount, expected between $1,107.20 and $1,125.70, if the index’s final level is at least 90.00% of its initial level. If the final level falls below this 90% threshold, the payoff is reduced so that investors lose about 1.1111% of principal for every 1% the index ends below the threshold, with the potential to lose all principal.
The estimated initial value of each note on the trade date is expected between $956.50 and $986.50, below the $1,000 issue price, reflecting structuring, hedging costs and dealer compensation, including an underwriting discount of $12.50 per note.
Bank of Montreal is offering senior unsecured market-linked notes tied to the common stock of Netflix, Inc., with a scheduled maturity on January 3, 2029. Each security has a $1,000 face amount and original offering price, with an estimated initial value of $963.50 per security on the preliminary date and not less than $920.00 at pricing.
The notes pay a contingent monthly coupon at a rate of at least 11.50% per annum, but only when Netflix’s closing value on the relevant calculation day is at or above a coupon threshold set at 70% of the starting value. Beginning in March 2026, the notes are auto-callable if Netflix closes at or above the starting value on any calculation day, paying back face amount plus the applicable coupon.
If the notes are not called and Netflix’s ending value on the final calculation day is below the downside threshold of 70% of the starting value, repayment of principal is reduced in proportion to the decline, and holders can lose more than 30%, up to their entire principal. Investors do not participate in any upside of the stock beyond receiving contingent coupons. All payments depend on the credit of Bank of Montreal, and the notes will not be listed on any securities exchange.