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Bank of Montreal is offering senior medium-term notes that pay a fixed interest rate of 4.60% per year and are scheduled to mature on December 16, 2032. Each note has a $1,000 principal amount, with an original issue price of $1,000, a $15 underwriting discount and $985 in proceeds to Bank of Montreal per note.
Interest is paid in cash in U.S. dollars semi-annually on June 26 and December 26, starting June 26, 2026. The notes are redeemable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on semi-annual dates from June 26, 2027 through June 26, 2032.
The notes are unsecured obligations of Bank of Montreal, are not insured by any government agency and will not be listed on any securities exchange, so liquidity may be limited. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.
Bank of Montreal is offering senior, unsecured Market Linked Securities that are auto-callable and linked to the worst performer of Baidu ADS, Alphabet Class A, and Meta Class A, maturing on December 22, 2028. Each security has a $1,000 face amount and pays a quarterly contingent coupon at a rate to be set on the pricing date, expected to be at least 17.50% per year, but only if the lowest-performing stock on each observation date is at or above 60% of its starting value. If from June 2026 onward the lowest-performing stock is at or above its starting value on a calculation day, the notes are automatically called and repay $1,000 plus the due and any unpaid coupons. If the notes are not called and, at final observation, the lowest-performing stock is below 60% of its starting value, the maturity payment is reduced in line with that stock’s loss, and investors can lose most or all of principal. The estimated initial value on the preliminary date is $956.40 per $1,000, and all payments are subject to Bank of Montreal’s credit risk.
Bank of Montreal is offering auto-callable market-linked securities tied to the common stock of Super Micro Computer, Inc., each with a $1,000 face amount and an estimated initial value of $959.70 per security, not less than $920.00 at pricing. The notes pay a contingent coupon at a rate of at least 23.40% per year, but only for months when the stock closes at or above a coupon threshold set at 60% of the starting value, with missed coupons potentially paid later under a memory feature.
The notes can be automatically called on monthly dates from March 2026 through November 2028 if the stock closes at or above its starting value, in which case investors receive $1,000 plus the due coupon payments. If the notes are not called and the ending value is at or above the 60% downside threshold, investors receive $1,000 at maturity; if it is below that level, repayment follows the stock’s decline and investors can lose more than 40% and up to all of principal.
All payments depend on Bank of Montreal’s credit, the securities are unsecured and not insured by any government agency, there may be little or no secondary market, and the U.S. and Canadian tax treatment, including possible 30% withholding on coupons for many non-U.S. holders, involves significant uncertainty.
Bank of Montreal is issuing US$1,251,000 of Senior Medium-Term Notes, Series K, barrier notes due December 16, 2027, linked to the least performing of Salesforce common stock and the S&P 500® Index.
The notes pay monthly coupons at 0.7625% of principal (approximately 9.15% per year), so each coupon equals $7.625 for every $1,000 of principal.
At maturity, holders receive $1,000 per $1,000 of principal unless a trigger event occurs, which happens if either reference asset finishes below 60.00% of its initial level ($158.52 for Salesforce and 4,132.01 for the S&P 500) on the valuation date; in that case, repayment is reduced in proportion to the percentage decline of the worst performer and can fall to zero, although the final coupon is still paid.
The estimated initial value is $988.78 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured, unsubordinated obligations of Bank of Montreal distributed through BMO Capital Markets, which receives a 0.40% selling commission, resulting in 99.60% of proceeds to the bank.
Bank of Montreal is offering $4,629,000 of senior medium-term autocallable barrier notes linked to Tesla, Inc. common stock. The notes pay a contingent coupon of 3.7625% per quarter (approximately 15.05% per year), or $37.625 per $1,000 of principal, but only if Tesla’s closing price on an observation date is at or above the coupon barrier of $223.45, which is 50.00% of the $446.89 initial level.
Beginning on June 15, 2026, if Tesla closes above the call level of 100% of the initial level on an observation date, the notes are automatically redeemed at par and any due contingent coupons are paid, ending further payments. If the notes are not called and Tesla finishes at or above the $223.45 trigger level on the valuation date in December 2028, investors receive their full $1,000 principal per note plus any due coupons; if Tesla finishes below the trigger, principal is reduced in line with Tesla’s percentage loss and can fall to zero.
The notes are unsecured obligations of Bank of Montreal and are not insured by U.S. or Canadian deposit insurance agencies. The estimated initial value is $970.63 per $1,000 of principal, below the $1,000 issue price, reflecting embedded costs, hedging and commissions, including a 1.50% selling commission and proceeds to the issuer of 98.50% of principal.
Bank of Montreal is offering unsecured, S&P 500®-linked notes that pay no interest and are designed to be held to maturity, expected to be 13 to 15 months from the trade date. Each note has a $1,000 principal amount and provides 125% participation in any positive S&P 500® return, capped at a maximum settlement amount expected between $1,111.75 and $1,131.125 per note.
The notes include a 10.00% downside buffer: if the index ends between 90.00% and 100.00% of its initial level, investors receive back principal only. Below 90.00%, investors lose approximately 1.1111% of principal for every 1% the index falls under the buffer, which can result in a full loss. The estimated initial value is expected between $958.20 and $988.20 per $1,000, reflecting offering and hedging costs. The notes will not be listed on any exchange and all payments depend on the credit of Bank of Montreal.
Bank of Montreal is offering senior unsecured market-linked notes due December 22, 2028, whose payments are tied to the worst performer among AbbVie, Amgen and Eli Lilly common stocks. Each $1,000-denomination security is priced at $1,000, with an estimated initial value of $966.50, and is not bail-inable or insured by any deposit insurance scheme.
The notes can pay a monthly contingent coupon at a rate of at least 12.90% per annum if on each calculation day the lowest performing stock is at or above 60% of its starting value, with a memory feature for previously missed coupons. From June 2026 to November 2028, if that lowest stock is at or above its starting value on a calculation day, the notes are automatically called for $1,000 plus the applicable coupons. If not called, at maturity investors receive $1,000 only if the lowest stock is at or above 60% of its starting value; otherwise repayment is reduced in line with that stock’s decline and losses can exceed 40% of principal. Investors do not share in any stock price gains, bear Bank of Montreal credit risk, and face complex U.S. tax treatment, including expected 30% withholding on coupons for many non-U.S. holders. Wells Fargo Securities acts as agent, receiving up to $23.25 per $1,000 security, with $976.75 per security to Bank of Montreal.
Bank of Montreal is offering senior unsecured, equity-linked notes that are auto-callable and pay contingent monthly coupons, each with a $1,000 face amount and an estimated initial value of $965.80 per security (not less than $920.00 at pricing. The notes are linked to the lowest performing of the common stocks of Apollo Global Management, Blackstone and Invesco and mature on December 22, 2028.
Investors may receive a monthly coupon at a rate of at least 14.30% per annum only if the lowest performing stock on each calculation day is at or above 60% of its starting value, with a memory feature that can pay previously missed coupons if conditions are later met. The notes can be automatically called from June 2026 through November 2028 if the lowest performing stock is at or above its starting value, returning principal plus due coupons.
If the notes are not called and the lowest performing stock is below 60% of its starting value at maturity, repayment of principal is reduced one-for-one with the stock’s decline, leading to losses greater than 40% and up to a full loss of principal, while investors do not participate in any stock appreciation.
Bank of Montreal is issuing US$1,295,000 of Senior Medium-Term Notes, Series K Capped Enhanced Return Notes due January 15, 2027, linked to the S&P 500® Index. These notes offer 200% leveraged upside on any index gains, but the payment at maturity is capped at a Maximum Redemption Amount of $1,140 per $1,000 in principal, a 14% maximum return.
If the S&P 500 falls below the Initial Level of 6,886.68, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on any exchange. The price to the public is 100% of principal, with an agent’s commission of 1.93% and proceeds to Bank of Montreal of 98.07%, and the estimated initial value is $979.51 per $1,000.