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Bank of Montreal is offering $5,755,000 of senior unsecured medium-term notes linked to the worst performer of Amazon, NVIDIA and UnitedHealth common stocks, maturing January 26, 2029. Each $1,000 note pays a contingent monthly coupon at a 17.60% per annum rate only if, on the relevant calculation day, the lowest-performing stock is at least 60% of its starting value, with a memory feature that can pay previously missed coupons when conditions are later met.
The notes are auto-callable monthly from April 2026 through December 2028 if the lowest-performing stock is at or above its starting value, in which case holders receive $1,000 plus the applicable coupon(s). If not called, at maturity investors receive $1,000 per note only if the worst stock is at or above 60% of its starting value; otherwise repayment is reduced 1-for-1 with the stock’s decline, and principal losses can reach 100%.
The estimated initial value is $952.06 per $1,000 note, below the issue price, reflecting distribution and hedging costs. The notes are complex, not listed on any exchange, may have limited secondary liquidity, pay no fixed interest and are fully exposed to both market risk of the three stocks and the credit risk of Bank of Montreal.
Bank of Montreal is offering unsecured structured notes linked to the S&P 500® Index. The notes pay no interest and may be automatically called about 12–14 months after the trade date if the index is at or above its initial level, in which case investors receive their principal plus a call premium expected to range between 7.80% and 9.15%.
If the notes are not called, they mature in about 24 months. At maturity, if the S&P 500® is at or above its initial level, investors receive principal plus the greater of a maturity date premium expected between 15.60% and 18.30% or 100% of the index gain. If the index has fallen by up to 10%, investors receive full principal due to a 10% buffer.
If the index has declined by more than 10%, repayment of principal is reduced: investors lose approximately 1.1111% of principal for each 1% the final index level is below 90% of the initial level, and could lose all of their investment. The notes are not listed, have an estimated initial value between $949 and $979 per $1,000, and all payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal is expanding its Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (ticker OILD), issuing an additional $500,004,000 of notes, which will form a single tranche with the existing notes for total outstanding principal of $750,000,000 (3,000,000 notes at $250 each). These exchange-traded notes provide daily -3x leveraged inverse exposure to the Solactive Oil & Gas Exploration & Production Index and are unsecured, unsubordinated debt of Bank of Montreal.
The notes charge a 0.95% annual investor fee, can incur negative Daily Interest based on the U.S. Federal Funds Effective Rate minus a spread of up to 4.00%, and a 0.125% redemption fee on holder-initiated redemptions. They pay no interest, do not guarantee principal, and can permanently fall to zero if the indicative value hits zero. The issuer may call all or part of the notes at its option, and the structure is explicitly aimed at sophisticated investors using the ETNs as short-term daily trading tools rather than buy-and-hold investments.
Bank of Montreal is offering senior medium-term, Series K redeemable fixed-rate notes with a principal amount of $1,000 per Note, paying fixed interest of 4.40% per annum. Interest is paid in U.S. dollars semi-annually on February 9 and August 9, starting August 9, 2026, through August 9, 2030, and at maturity on January 27, 2031, unless the Notes are redeemed earlier.
The Notes are callable at 100% of principal plus accrued interest, in whole but not in part, on February 9 and August 9 of each year from February 9, 2027 through August 9, 2030, at Bank of Montreal’s option. They are unsecured obligations, subject to the credit risk of Bank of Montreal, and will not be listed on any securities exchange, so liquidity may be limited.
The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted, in whole or in part, into common shares of Bank of Montreal or its affiliates, or varied or extinguished under Canadian bank resolution powers. The original issue price is $1,000 per Note, including a $15 underwriting discount, with $985 per Note in proceeds to Bank of Montreal.
Bank of Montreal is offering senior medium-term, fixed-rate notes due February 10, 2038. Each Note has a $1,000 principal amount and pays interest at a fixed rate of 5.10% per annum, with semi-annual payments every February 10 and August 10 starting August 10, 2026.
The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each February 10 and August 10 from February 10, 2028 through August 10, 2037. They are unsecured obligations of Bank of Montreal, not listed on any securities exchange, and there is no assurance of a secondary market.
The Notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished under Canadian bank resolution powers. Investors bear the credit risk of Bank of Montreal and may receive less than principal if the bank defaults or a bail-in conversion occurs.
Bank of Montreal is offering senior unsecured market-linked notes tied to the worst performer of CrowdStrike (CRWD), Robinhood (HOOD) and Medtronic (MDT), maturing in February 2029, at an original price of $1,000 per security. The estimated initial value on the pricing date is expected to be between $920 and $969 per security, below the offering price due to selling, structuring and hedging costs.
The notes pay a monthly contingent coupon at a rate of at least 20% per annum only if the lowest-performing stock on each calculation day is at or above 50% of its starting value. Missed coupons can be "remembered" and paid later if the test is subsequently met. From July 2026 to December 2028, if the lowest-performing stock is at or above its starting value on a calculation day, the notes are automatically called at par plus the applicable coupon(s).
If the notes are not called and, on the final calculation day, the worst stock is below 50% of its starting value, repayment of principal is reduced in full proportion to that decline, creating the potential for a loss of more than 50%, up to 100%, of principal. Investors do not participate in any upside of the stocks. The notes are unsecured obligations of Bank of Montreal, not insured, not listed on an exchange, and feature complex payoff, liquidity, credit and tax risks, including 30% U.S. withholding on coupons for many non-U.S. investors.
Bank of Montreal is offering US$906,000 of Senior Medium-Term Notes, Series K, structured as Callable Barrier Notes with Contingent Coupons due January 27, 2027. These unsecured notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index, each with a coupon barrier and trigger level set at 70% of its initial level.
Investors receive a monthly contingent coupon of 0.605% of principal (about 7.26% per year) only if, on each observation date, all three indices close at or above their respective barrier levels. Starting April 22, 2026, Bank of Montreal may call the notes in whole on any observation date, repaying principal plus any due coupon.
If the notes are not called and none of the indices finishes below its trigger level on the valuation date, investors receive their full principal at maturity plus any final coupon. If any index finishes below its trigger level, repayment is reduced in line with the percentage decline of the worst-performing index, and can fall to zero. The estimated initial value is $972.35 per $1,000 principal, and the notes involve significant market, credit and structural risks.
Bank of Montreal is issuing US$200,000 of Senior Medium-Term Notes, Series K, structured as autocallable barrier notes linked to Apple Inc. common stock. The notes pay a contingent coupon of 2.25% per quarter (about 9.00% per year) only if AAPL’s closing level on each observation date is at or above the coupon barrier of $198.68, which is 80% of the initial level of $248.35.
Beginning April 24, 2026, the notes are automatically redeemed if AAPL closes above its initial level on an observation date, returning principal plus the due coupon. If the notes are not called and AAPL finishes at or above the same 80% trigger level on the January 24, 2029 valuation date, investors receive full principal back plus any final coupon.
If AAPL closes below the trigger level on the valuation date, repayment is reduced one-for-one with the stock’s loss, which can result in a loss of all principal. The notes are unsecured obligations of Bank of Montreal, pay only in cash, and have an estimated initial value of $963.94 per $1,000 in principal on the pricing date, reflecting fees and hedging costs.
Bank of Montreal is offering $8,000,000 of senior medium-term Notes, Series K, paying a fixed 5.05% annual interest rate and maturing on January 27, 2038, in $1,000 denominations. Interest is paid semi-annually on January 27 and July 27, starting July 27, 2026.
The Notes are callable at 100% of principal plus accrued interest, in whole only, on each January 27 and July 27 from January 27, 2028 through July 27, 2037. They are unsecured obligations of Bank of Montreal, not listed on any exchange, and all payments depend on the bank’s credit.
The Notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into Bank of Montreal common shares or varied or extinguished in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance agencies.
Bank of Montreal is offering US$7,528,000 of senior Medium-Term Notes, Series K, Capped Buffer Notes due April 12, 2027, linked to the Russell 2000 Value Index. These notes give 1-to-1 upside exposure to index gains with a Maximum Redemption Amount of $1,121.80 per $1,000 principal, capping total return at 12.18%.
The notes protect principal against index declines of up to 15%, but if the index falls more than 15%, investors lose 1% of principal for each additional 1% drop and could lose up to 85% of principal at maturity. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $987 per $1,000, below the issue price, reflecting offering and hedging costs.