Every 424B that Bank of Montreal (BMO) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BMO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BMO filings page.
Bank of Montreal outlines $1,000 face amount senior equity‑linked notes due July 25, 2029, auto‑callable and linked to the lowest performer of Accenture, HubSpot and ServiceNow shares. The notes pay a monthly contingent coupon of at least 30.80% per annum only when the lowest underlier closes at or above 60% of its starting value, with a memory feature for previously missed coupons.
From January 2027 to June 2029 the notes are automatically called at par plus accrued contingent coupons if the lowest underlier is at or above 90% of its starting value. If not called, principal is repaid at par only if the lowest underlier on the final calculation day is at or above 50% of its starting value; otherwise repayment declines in line with its performance, potentially to zero. The notes do not participate in any stock price appreciation, are unsecured obligations exposed to Bank of Montreal credit risk, and have an estimated initial value of $965.10 per $1,000 security, below the original offering price because of selling costs and hedging profits.
Bank of Montreal is offering senior medium-term Market Linked Securities, auto-callable notes maturing July 25, 2030, linked to the lowest performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. Each security has a $1,000 face amount and original offering price.
Quarterly contingent coupons at a rate of at least 8.42% per year are paid only when the lowest index closes at or above 70% of its starting level; a memory feature can restore previously missed coupons. The notes are automatically called from January 2027 to April 2030 if that index is at or above its starting value.
If not called, investors receive $1,000 at maturity only if the lowest index finishes at or above 70% of its starting level; otherwise principal is reduced in line with that index’s loss and can fall to zero. The notes are unsecured, not insured, and their estimated initial value of $966.50 per security is below the $1,000 offering price due to offering, structuring and hedging costs.
Bank of Montreal is offering senior unsecured Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000®, S&P 500® and EURO STOXX 50® indices. The Notes pay a quarterly Contingent Coupon of 8.00%–8.70% per annum only if each index closes at or above 65% of its Initial Underlier Value (the Coupon Barrier) on the relevant observation date.
The Notes can be automatically called quarterly if all indices are at or above their initial levels, returning the $10 principal per Note plus that quarter’s coupon. If not called, and on the Final Valuation Date each index is at or above 65% of its initial level, principal plus the final coupon is paid at maturity on August 1, 2029. Otherwise, repayment is reduced in line with the negative return of the worst-performing index, with the potential for significant or total loss of principal. The estimated initial value is $9.76 per Note (not less than $9.36 at pricing), and payments depend on Bank of Montreal’s credit; the Notes will not be listed and may have limited liquidity.
Bank of Montreal is offering US$600,000 of senior unsecured Series K Autocallable Barrier Notes due July 16, 2029, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. The notes pay a 0.7917% monthly contingent coupon (approximately 9.50% per annum) only if on each observation date all three indexes are at or above 60.00% of their initial levels.
Beginning January 13, 2027, if all reference assets are at or above 100.00% of their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupon. If held to maturity and no index closes below its 60.00% trigger level, investors receive par plus the final contingent coupon; otherwise, repayment is reduced in proportion to the decline of the weakest index, potentially to zero. The estimated initial value is $987.55 per $1,000, and the notes are unsecured obligations not insured by FDIC, CDIC or similar schemes.
Bank of Montreal is offering US$4,400,000 of senior medium-term Autocallable Barrier Notes with Contingent Coupons due July 16, 2029, linked to the EURO STOXX 50®, NASDAQ-100® and Russell 2000® indexes. The notes are unsecured obligations and are not insured by any government agency.
The notes pay 2.125% per quarter (approximately 8.50% per year), or $21.25 per $1,000, only if each index closes on an observation date at or above its coupon barrier set at 70% of its initial level. Beginning January 13, 2027, if each index is at or above its initial level, the notes are automatically redeemed at par plus the applicable coupon. If not called, investors receive par at maturity only if the worst-performing index finishes at or above 50% of its initial level; otherwise, principal is reduced one-for-one with that index’s decline, potentially to zero. The estimated initial value is $970.14 per $1,000, below the issue price, reflecting dealer compensation, hedging and the issuer’s funding costs.
Bank of Montreal is issuing US$3,000,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes with memory coupons due July 16, 2029, linked to the common shares of MDA Space Ltd. The notes pay a contingent quarterly coupon of 3.575% of principal (US$35.75 per US$1,000), only if MDA’s closing share price on the relevant observation date is at or above the coupon barrier of US$17.70, which is 50.00% of the initial level of US$35.39; missed coupons can be paid later under a memory feature.
Beginning January 13, 2027, if on an observation date MDA closes above the call level of 100.00% of its initial level, the notes are automatically redeemed at par plus any due coupons. If not called, at maturity investors receive US$1,000 per US$1,000 of principal so long as the final share price is at or above the trigger level of US$17.70; if the final level is below the trigger, repayment is reduced proportionally to MDA’s decline and can be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and their estimated initial value is US$908.20 per US$1,000, below the US$1,000 price to the public, reflecting structuring and distribution costs.
Bank of Montreal is offering US$650,000 of Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due July 16, 2029, linked to the least performing of the S&P 500 Index, NASDAQ‑100 Index and Russell 2000 Index. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency.
The notes pay a contingent coupon of 0.9625% per month (approximately 11.55% per year), or $9.625 per $1,000 note, on monthly dates only if all three indices close at or above 70% of their initial levels. Beginning January 13, 2027, if on an observation date the closing level of each index is greater than its initial level, the notes are automatically redeemed at par plus the coupon. If not called, each $1,000 note returns $1,000 at maturity only if no Trigger Event occurs; a Trigger Event happens if any index finishes below 70% of its initial level, in which case repayment is reduced in proportion to the worst-performing index and can be zero. The estimated initial value is $988.61 per $1,000, lower than the issue price, reflecting dealer compensation and hedging costs.
Bank of Montreal is offering US$2,415,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 16, 2029, linked to the common stock of Netflix, Inc. The price is 100% of principal, with a 2.00% agent commission and net proceeds of US$2,366,700. The estimated initial value is $968.19 per $1,000 in principal.
The notes pay a contingent coupon of 3.10% per quarter (approximately 12.40% per annum) when Netflix closes at or above the coupon barrier of $44.02, which is 60.00% of the initial level of $73.37. Beginning October 13, 2026, the notes are automatically redeemed if Netflix exceeds the initial level, returning principal plus the coupon. If not redeemed and the final level is below $44.02, repayment of principal is reduced in line with the stock decline and can be zero. The notes are unsecured obligations of Bank of Montreal and are not insured by FDIC or CDIC.
Bank of Montreal is offering US$1,922,000 of senior unsecured Series K Callable Barrier Notes with Contingent Coupons due July 16, 2029, linked to the S&P 500, NASDAQ-100 and Russell 2000 indices. The notes pay a 0.9167% monthly coupon (approximately 11.00% per year) only when all three indices close at or above their Coupon Barrier Levels, set at 70.00% of initial levels.
Beginning July 13, 2027, Bank of Montreal may call the notes on any observation date at par plus any due coupon. If not called, principal is repaid at maturity only if no Trigger Event occurs; otherwise repayment is reduced in proportion to the Least Performing Reference Asset and can fall to zero. The estimated initial value is $984.09 per $1,000, below the 100% offering price, reflecting hedging and distribution costs. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the issuer highlights significant structural, market and tax risks, including uncertain U.S. tax treatment as pre-paid contingent income-bearing derivative contracts.
Bank of Montreal is offering US$2,425,000 of Senior Medium-Term Notes, Series K, structured as Step Down Autocallable Barrier Notes with Step Up Call Amount linked to the S&P 500® Index. Each note has a $1,000 principal amount, prices at 100% with no selling commission, and provides step-up call payments representing a return of approximately 8.20% per annum.
Beginning July 12, 2027, the notes are automatically redeemed if on an Observation Date the S&P 500® closing level is at or above the applicable Call Level (generally 100% of the Initial Level, then 70% on the Valuation Date), paying principal plus a fixed Call Amount that rises from $82 to $328 per note. If the notes are not called, investors receive $1,000 per note at maturity unless a Trigger Event occurs, defined as the Final Level falling below the Trigger Level of 5,302.77, or 70.00% of the Initial Level of 7,575.39. Following a Trigger Event, repayment is reduced by the index’s negative Percentage Change and can be as low as zero. The notes are unsecured obligations of Bank of Montreal, are not insured by deposit insurance agencies, have an estimated initial value of $993.06 per $1,000, and are intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes, though that treatment is not certain.
Bank of Montreal is offering US$2,076,000 of Senior Medium-Term Notes, Series K Callable Barrier Notes with Contingent Coupons due July 16, 2029, linked to the least performing of VanEck Gold Miners ETF (GDX), Energy Select Sector SPDR ETF (XLE) and the Russell 2000 Index (RTY).
The notes pay a 1.5625% monthly contingent coupon (18.75% per year) only when each reference asset closes at or above its coupon barrier, set at 70% of its initial level. Beginning January 13, 2027, the issuer may call the notes at par plus any coupon on an observation date. If not called and no trigger event occurs (final level of each asset at or above its trigger level, 60% of initial), investors receive principal back plus any final coupon. If a trigger event occurs, repayment is reduced in proportion to the decline of the least performing asset and can be zero, so investors are exposed to full downside below the trigger. The price to public is 100% of principal, while the estimated initial value is $980.90 per $1,000, reflecting structuring costs and hedging; the notes are unsecured and not insured by deposit protection schemes, and U.S. tax treatment relies on characterization as pre-paid contingent income-bearing derivative contracts.
Bank of Montreal is offering US$1,626,000 of Senior Medium-Term Notes, Series K, step-down autocallable barrier notes due July 15, 2031, linked to the least performing of the S&P 500®, NASDAQ-100® and Russell 2000® indices.
The notes are automatically redeemed, starting July 12, 2027, if on an Observation Date each index closes at or above its Call Level (100% of its Initial Level, stepping down to 80% on the final Observation Date), paying principal plus a fixed Call Amount ranging from US$122.50 to US$612.50 per US$1,000, which represents approximately 12.25% per annum.
If not called, investors receive full principal at maturity provided the worst-performing index is at or above its Trigger Level of 75.00% of its Initial Level; otherwise, repayment is reduced one-for-one with the negative performance of that index. The notes are unsecured, not FDIC or CDIC insured, are sold at 100% of principal with a 0.25% selling commission (net proceeds 99.75%), and have an estimated initial value of US$983.31 per US$1,000, reflecting hedging and distribution costs. Tax treatment is intended as a pre-paid derivative contract but remains uncertain.
Bank of Montreal is offering US$6,198,000 principal amount of senior Medium-Term Notes, Series K, autocallable barrier notes with step-up call amounts due July 15, 2032, linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The price to the public is 100% of principal, with proceeds to Bank of Montreal of US$6,198,000.
The notes have an Initial Level of 4,350.25 on MQUSLVA, a Call Level of 3,480.20 (80.00% of the Initial Level) and a Trigger Level of 2,175.13 (50.00%). Beginning July 19, 2027, if on any Observation Date the index closes at or above the Call Level, the notes are automatically redeemed at US$1,000 per US$1,000 principal plus a fixed Call Amount, starting at US$132.00 and stepping up to US$792.00, representing approximately 13.20% per annum.
If the notes are not called, investors receive at maturity US$1,000 per US$1,000 principal so long as no Trigger Event occurs. If on the Valuation Date the Final Level is below the Trigger Level, the payoff is US$1,000 plus US$1,000 times the Percentage Change of the index, exposing investors to downside and potential total loss of principal. The notes are unsecured obligations of Bank of Montreal. The estimated initial value is US$926.64 per US$1,000 principal, reflecting structuring and hedging costs. MQUSLVA targets 35% implied volatility and applies a 6% per annum daily deduction, which can adversely affect its performance.
Bank of Montreal is offering US$5,146,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Step Up Call Amount due July 17, 2031, linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Dow Jones Industrial Average. The notes may be automatically redeemed on scheduled observation dates beginning July 20, 2027 if each index closes at or above 80.00% of its initial level, paying back principal plus a fixed call amount that steps up from $86.00 to $430.00 per $1,000 note, representing approximately 8.60% per annum.
If the notes are never called and on the July 14, 2031 valuation date every index is at or above its 75.00% trigger level, investors receive full principal at maturity. If any index finishes below its trigger, repayment is reduced one-for-one with the percentage decline of the worst-performing index, potentially to zero. The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and have an estimated initial value of $987.59 per $1,000 in principal amount, lower than the price to public.
Bank of Montreal is issuing US$4,016,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due October 15, 2029, linked to the least performing of Exxon Mobil, Eli Lilly and NVIDIA common stock. The price to public is 100% of principal, with a 2.50% agent’s commission and 97.50% net proceeds to Bank of Montreal.
The notes pay contingent monthly coupons at 1.6667% (approximately 20.00% per annum), or $16.667 per $1,000, whenever each stock closes at or above its Coupon Barrier Level, set at 70.00% of its Initial Level. Missed coupons may be paid later under the Memory Coupon Feature. Beginning on January 12, 2027, if on an Observation Date each stock is at or above its Call Level of 100.00% of its Initial Level, the notes are automatically redeemed at par plus any due coupons.
If not redeemed early, investors receive $1,000 per $1,000 of principal at maturity provided the Final Level of every stock is at or above its Trigger Level, set at 60.00% of its Initial Level. If any stock finishes below its Trigger Level, the payoff becomes $1,000 plus $1,000 times the Percentage Change of the least performing stock, which can be far below principal and may be zero. The bank’s estimated initial value is $953.59 per $1,000, and it states that this investment involves significant risks and is not equivalent to direct stock ownership.
Bank of Montreal is offering US$441,000 principal amount of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 16, 2029, linked to the least performing of the common stocks with tickers CRM, QCOM and WDC.
The notes pay a contingent coupon of 2.05% per month (US$20.50 per US$1,000) on monthly dates only if each stock closes at or above its coupon barrier, set at 50% of its initial level; missed coupons can be paid later under the memory feature. Beginning July 13, 2027, the notes are automatically redeemed at par plus any due coupons if all three stocks are at or above their initial levels on an observation date.
If the notes are not called, investors receive par at maturity unless a Trigger Event occurs and the final level of each stock is below its initial level. If any stock finishes below its 50% trigger and all are below their initial levels, repayment is reduced one-for-one with the decline of the least performing stock and can be zero. The notes are unsecured obligations of Bank of Montreal, priced at 100% of principal with an estimated initial value of $930.90 per $1,000 in principal amount.
Bank of Montreal is issuing US$78,000 of Senior Medium-Term Notes, Series K autocallable barrier notes with contingent coupons due August 16, 2027, linked to the common stock of Iron Mountain Incorporated. The notes reference an Initial Level of $121.51 for IRM.
Contingent coupons of 1.1667% per month (about 14.00% per year), or $11.667 per $1,000, are paid only if IRM’s closing level on an Observation Date is at or above the Coupon Barrier Level of $86.27 (71.00% of the Initial Level. Starting January 13, 2027, if IRM closes above its Call Level (100% of the Initial Level) on an Observation Date, the notes are automatically redeemed at par plus the applicable coupon.
If not called, at maturity holders receive $1,000 per $1,000 in principal unless a Trigger Event occurs. A Trigger Event occurs if the Final Level is below the Trigger Level of $86.27, in which case repayment is reduced by the stock’s negative Percentage Change and can fall to zero. The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency. The estimated initial value is $973.70 per $1,000 principal, below the issue price, reflecting fees, commissions and hedging costs.
Bank of Montreal is offering US$1,065,000 of Senior Medium-Term Notes, Series K Callable Barrier Notes with Memory Coupons due July 15, 2030, linked to the EURO STOXX 50®, Russell 2000® and Nasdaq-100 Technology Sector indices.
Investors may receive a 1.03% monthly contingent coupon (approximately 12.36% per annum), paying only when each index closes at or above its 80% Coupon Barrier on observation dates, with missed coupons potentially paid later under the Memory Coupon Feature. Beginning July 12, 2027, Bank of Montreal may call the notes on specified quarterly dates at par plus any due coupons.
If not called, principal repayment depends on the worst-performing index. If the Final Level of any index is below its 70% Trigger Level, the maturity payment per $1,000 equals $1,000 plus $1,000 times the Percentage Change of the least-performing index, and may fall to zero. The notes are unsecured obligations of Bank of Montreal, and the estimated initial value is $974.97 per $1,000, below the issue price, reflecting fees and hedging costs.
Bank of Montreal is issuing US$293,000 of senior medium-term Autocallable Barrier Notes, Series K linked to Iron Mountain Incorporated common stock.
The notes pay a monthly contingent coupon of 0.9583% (approximately 11.50% per annum) only if IRM’s closing level on an observation date is at or above the coupon barrier of $86.27, equal to 71.00% of the $121.51 initial level. Starting in January 2027, if IRM closes above the 100% call level on an observation date, the notes are automatically redeemed at par plus any due coupon.
If not called, investors receive $1,000 per $1,000 note at maturity only if IRM’s final level is at or above the $86.27 trigger level. If a Trigger Event occurs (final level below the trigger), principal is reduced in line with the stock’s negative percentage change and can fall to zero. The notes are unsecured obligations of Bank of Montreal and are not insured deposits. The estimated initial value is $958.55 per $1,000, below the issue price, reflecting fees and hedging-related costs.
Bank of Montreal is issuing $1,000,000 of senior autocallable barrier notes due July 16, 2029, linked to the least performing of the S&P 500, NASDAQ-100 and Russell 2000 indexes. The notes pay a 2.5875% quarterly contingent coupon (about 10.35% per year) only when each index closes at or above 70% of its initial level on the relevant observation date.
Beginning January 13, 2027, if all three indexes are at or above 100% of their initial levels on an observation date, the notes are automatically redeemed at par plus any due coupon. At maturity, if not called and every index finishes at or above 65% of its initial level, holders receive principal back; otherwise, repayment is reduced one-for-one with the loss of the worst index, down to zero in extreme cases. The notes are unsecured obligations and their estimated initial value is $980.53 per $1,000, below the price to public.
Bank of Montreal is offering US$684,000 of Senior Medium‑Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due July 16, 2029, linked to the least performing of shares of the VanEck Gold Miners ETF (GDX), Utilities Select Sector SPDR ETF (XLU) and iShares Expanded Tech‑Software Sector ETF (IGV).
The notes pay a 1.1542% monthly contingent coupon (approximately 13.85% per annum), or $11.542 per $1,000, only when each ETF closes at or above its coupon barrier, set at 55.00% of its initial level, with a memory feature that can restore missed coupons. From January 13, 2027, the notes are automatically redeemed if all ETFs are at or above 100% of their initial levels, returning principal plus any due coupons.
If not called, at maturity holders receive $1,000 per $1,000 of principal so long as each ETF’s final level is at or above its trigger level (also 55.00% of initial). If any finishes below its trigger, repayment is reduced to $1,000 plus $1,000 times the percentage change of the least performing ETF, which can result in a total loss of principal. The notes’ estimated initial value is $975.70 per $1,000, below the 100% public offering price, and they are unsecured and not insured by any deposit insurance corporation.
Bank of Montreal is issuing US$2,493,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 19, 2032. The notes are linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.
Investors may receive a 2.55% quarterly contingent coupon (about 10.20% per year) only if on each observation date all three indices are at or above their coupon barrier levels, set at 75% of initial levels. From July 14, 2027, if all indices are at or above 100% of their initial levels, the notes are automatically redeemed at par plus the coupon.
If the notes are not called, holders receive full principal at maturity only if no Trigger Event occurs, meaning each final index level remains at or above its 75% trigger level. Otherwise, repayment is reduced in line with the decline of the worst index and can fall to zero. The notes are unsecured obligations, and their estimated initial value is $988.26 per $1,000 principal amount.
Bank of Montreal is issuing US$775,000 of senior medium-term Autocallable Barrier Notes, Series K, due January 18, 2028, linked to the Class A subordinate voting shares of Shopify Inc. The notes pay a 5.3125% quarterly contingent coupon (approximately 21.25% per year), or $53.125 per $1,000, only when Shopify’s closing level on an observation date is at or above the coupon barrier of $61.27, which is 50% of the initial level of $122.54.
Beginning October 14, 2026, if Shopify’s level on an observation date is at or above 100% of the initial level, the notes are automatically redeemed at par plus any due coupon. If not called, holders receive $1,000 at maturity only if a Trigger Event has not occurred; if the final level is below the $61.27 trigger, principal is reduced in line with the percentage decline and can be lost entirely. The estimated initial value is $968.76 per $1,000, below the 100% issue price, and the notes are unsecured, uninsured obligations of Bank of Montreal with specialized U.S. tax treatment as pre-paid contingent income-bearing derivative contracts.
Bank of Montreal is offering US$1,102,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Step Up Call Amount due July 17, 2031, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.
Beginning July 20, 2027, if on any Observation Date each index closes at or above its Call Level (80.00% of Initial Level), the notes are automatically redeemed and pay principal plus a step-up Call Amount, implying a return of approximately 8.50% per annum (from $85.00 up to $425.00 per note).
If not called, and no Trigger Event occurs, each $1,000 note repays $1,000 at maturity. If any index finishes below its Trigger Level (75.00% of Initial Level), payment becomes $1,000 plus $1,000 times the Percentage Change of the least performing index, potentially as low as $0. The notes are unsecured obligations, not deposit-insured, and their estimated initial value is $986.92 per $1,000, reflecting structuring and hedging costs. For U.S. tax purposes, they are intended to be treated as pre-paid derivative contracts, though the tax consequences are uncertain.
Bank of Montreal is offering US$970,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due August 16, 2027, linked to the common stock of Constellation Energy Corporation (CEG). The notes are unsecured obligations and are not insured by FDIC, CDIC or any other deposit insurer.
The notes pay a 1.1875% monthly contingent coupon (approximately 14.25% per annum), or $11.875 per $1,000, only if CEG’s closing level on an observation date is at or above the coupon barrier of $140.77 (56.00% of the $251.38 Initial Level). Beginning January 13, 2027, if CEG is at or above the Call Level (100% of the Initial Level) on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If not called, investors receive full principal at maturity only if the Final Level is at or above the Trigger Level of $140.77; otherwise, repayment is reduced according to the share price decline and can be zero. The price to the public is 100% of principal, with a 0.65% selling commission, and the estimated initial value is $974.60 per $1,000 based on Bank of Montreal’s internal models.
Bank of Montreal is offering US$2,862,000 of senior Medium-Term Notes, Series K, autocallable barrier notes due August 16, 2027, linked to Constellation Energy Corporation common stock (ticker CEG). The notes pay a monthly contingent coupon of 1.0208% (about 12.25% per year) only if CEG’s closing level on each observation date is at or above the coupon barrier of $140.77, which is 56% of the initial level of $251.38.
Beginning January 13, 2027, if CEG closes above 100% of its initial level on an observation date, the notes are automatically redeemed at par plus the applicable coupon. If not called, investors receive $1,000 per $1,000 note at maturity only if the final level is at or above the $140.77 trigger. If the final level is below the trigger, principal is reduced one-for-one with the stock’s percentage decline, potentially to zero, though any final contingent coupon may still be paid.
The price to the public is 100% of principal; the selling agent receives a 2.15% commission (US$61,533), and Bank of Montreal’s proceeds are 97.85% (US$2,800,467). The estimated initial value is $961.48 per $1,000 note, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal and are not insured by deposit protection schemes.
Bank of Montreal is offering US$3,370,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Contingent Coupons due August 16, 2027, linked to the Class A ordinary shares of Accenture Plc. The notes pay a contingent coupon of 1.50% per month (approximately 18.00% per annum), or $15.00 per $1,000, only if on each Observation Date the Accenture share price is at or above the coupon barrier of $74.38, which is 55.00% of the Initial Level of $135.23, and are subject to automatic redemption from January 13, 2027 if the share price exceeds the Call Level of 100.00% of the Initial Level.
If not automatically redeemed, investors receive $1,000 per $1,000 at maturity only if no Trigger Event occurs; a Trigger Event happens when the Final Level is below the same $74.38 trigger, in which case repayment is $1,000 plus $1,000 times the percentage change in the share price, potentially resulting in a total loss of principal. The price to the public is 100% of principal, with a 0.65% ($21,905.00) agent’s commission and 99.35% ($3,348,095.00) in proceeds to Bank of Montreal. The estimated initial value is $983.88 per $1,000, reflecting internal funding and hedging costs, and the notes are unsecured obligations treated for U.S. tax purposes as pre-paid contingent income-bearing derivative contracts.
Bank of Montreal is offering US$8,971,000 of Senior Medium-Term Notes, Series K, callable barrier notes due July 15, 2027, linked to the worst-performing of the S&P 500, NASDAQ-100 and Russell 2000 indices.
The notes pay fixed coupons of 1.10% per month (about 13.20% per year, or $11 per $1,000) until maturity or an issuer call. Starting January 12, 2027, Bank of Montreal may redeem all notes on monthly call dates, returning principal plus the coupon due, after which no further payments are made.
If not called, principal repayment depends on equity performance. Investors receive $1,000 per $1,000 note unless both a Trigger Event occurs (any index closes below 70% of its initial level during the term) and the worst-performing index finishes below its initial level. In that case, maturity payment is $1,000 + $1,000 × Percentage Change of the worst index, potentially as low as zero, plus the final coupon, so principal is fully at risk. The estimated initial value is $992.55 per $1,000, below the issue price, reflecting dealer compensation, hedging costs and funding assumptions.
Bank of Montreal is offering US$567,000 principal amount of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due August 16, 2027, linked to the least performing of the S&P 500® Index, NASDAQ-100 Index® and Russell 2000® Index.
For each $1,000 note, if the Final Level of the least performing index is at or above 70.00% of its Initial Level, investors receive $1,000 plus a 12.15% Digital Return ($1,121.50). If it is below 70.00%, repayment equals $1,000 plus $1,000 times the index Percentage Change, so losses match the full decline beyond 30% and can reach a 100% loss of principal. The notes pay no interest, are unsecured senior obligations subject to Bank of Montreal’s credit risk, are issued in $1,000 denominations, and are not listed. The price to public is 100% of principal, including a 0.60% selling commission, while the estimated initial value is $988.76 per $1,000, reflecting offering and hedging costs.
Bank of Montreal is issuing US$1,949,000 of Senior Medium-Term Notes, Series K, linked to the common stock of NVIDIA Corporation. The notes are autocallable, pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any securities exchange.
On July 16, 2027, if NVIDIA’s closing price is above 100.00% of the Initial Level of $210.96, the notes are automatically redeemed at par plus a fixed $200.00 Call Amount per $1,000 (about 20.00% per annum). If not called, at maturity on July 17, 2028 any positive stock performance delivers 160.00% leveraged upside.
If NVIDIA finishes below the Initial Level but at or above the Barrier Level of $147.67 (70.00% of the Initial Level), investors receive a positive return matching the decline, up to the $1,300.00 Maximum Downside Redemption Amount per $1,000. If the Final Level is below the Barrier Level, principal is exposed one-for-one to losses and can be fully wiped out. The price to public is 100% of principal, with a 2.25% selling commission and 97.75% proceeds to Bank of Montreal; the estimated initial value is $959.17 per $1,000.
Bank of Montreal is offering senior medium-term notes, Series K, redeemable fixed-rate notes due July 31, 2036, with a principal amount of $1,000 per Note. The notes pay interest at a fixed rate of 5.45% per annum, with semi-annual payments on January 31 and July 31, beginning January 31, 2027.
Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. Bank of Montreal may, at its option, redeem all (but not part) of the notes at 100% of principal plus accrued interest on any semi-annual Optional Redemption Date from July 31, 2027 through January 31, 2036. The notes are unsecured obligations of Bank of Montreal, are not insured by any governmental agency and will not be listed on any securities exchange.
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, if Canadian resolution powers are exercised. Underwriters purchase the notes at $980.00 per Note, reflecting a $20.00 underwriting discount.
Bank of Montreal is issuing US$934,000 of Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due July 16, 2029, linked to the shares of the iShares MSCI EAFE ETF (EFA). The notes offer a leveraged upside with a 93.76% Upside Leverage Factor, so for each 1% increase in the ETF from the Initial Level to the Final Level, the note return increases by 0.9376%, which will be less than a direct investment in the ETF.
The notes include a 25.00% downside buffer: if the ETF’s Final Level is at or above 75.00% of the Initial Level, investors receive full principal back; if it falls below this Buffer Level, investors lose 1% of principal for each 1% decline beyond 25%, with a maximum loss of 75.00% of principal. The Initial Level is set at $103.36, the ETF’s closing level on the Strike Date, and the Buffer Level is $77.52.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to the public is 100% of principal, with an agent’s commission of 0.85%, resulting in 99.15% of proceeds to Bank of Montreal. The issuer’s estimated initial value is $984.86 per $1,000 principal, reflecting internal funding and hedging costs, and the product carries credit risk, market risk tied to the ETF and its underlying MSCI EAFE Index, foreign market and currency risks, liquidity risk, and tax uncertainty.
Bank of Montreal is offering Senior Medium-Term Notes, Series K, equity-linked, auto-callable securities tied to the lowest performing of JPMorgan Chase, Microsoft and NVIDIA common stock, maturing on July 27, 2029. Each security has a $1,000 face amount and an estimated initial value of $961.50, not less than $910.00 at pricing, reflecting offering, structuring and hedging costs.
The notes pay a contingent coupon at a rate of at least 18.30% per annum, due monthly only if the lowest performing stock on the calculation day is at or above 70% of its starting value, with a memory feature for missed coupons. From October 2026 to June 2029, if the lowest performer is at or above its starting value, the notes are automatically called at par plus due coupons.
If not called, at maturity investors receive $1,000 per security if the lowest performer is at or above its 70% downside threshold; otherwise they receive shares of that stock equal to a preset share delivery amount, expected to be worth less than $1,000 and potentially zero. Investors do not participate in any upside of the stocks and face full downside below the threshold, as well as the unsecured credit risk of Bank of Montreal. The notes will not be listed and may have limited secondary market liquidity.
Bank of Montreal is offering $129,860,000 of unsecured notes linked to the S&P 500 Index, with a $1,000 principal amount per note maturing on August 11, 2027. The notes pay no interest and the cash settlement at maturity depends on index performance between July 9, 2026 and August 9, 2027.
If the final index level is above the initial level of 7,543.64, investors receive 150% of the index gain, capped at a maximum settlement amount of $1,177.75 per note, corresponding to an 17.775% maximum return. If the final index level is below the initial level, investors lose 1% of principal for each 1% index decline, down to a total loss.
The initial estimated value is $987.64 per $1,000 note, below the issue price, reflecting structuring and hedging costs. The notes are not listed, are designed to be held to maturity, and all payments are subject to the credit risk of Bank of Montreal.
Bank of Montreal is issuing US$1,500,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due July 16, 2029, linked to Corning Incorporated common stock. The notes offer 150.00% leveraged upside, capped at a Maximum Redemption Amount of $4,076.00 per $1,000 principal, a 307.60% maximum return.
The structure includes a 20.00% downside buffer: principal is fully repaid at maturity if the final stock level is no more than 20% below the Initial Level of $185.38. Below the Buffer Level of $148.30, investors lose 1% of principal for each 1% additional decline, up to an 80.00% loss.
The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange. The price to public is 100% of principal, with an agent’s commission of 0.65% and proceeds to Bank of Montreal of 99.35%. The estimated initial value is $964.17 per $1,000, reflecting offering, hedging and structuring costs, and secondary-market liquidity and pricing may be limited.
Bank of Montreal is issuing $1,500,000 of Senior Medium‑Term Notes, Series K Capped Buffer Enhanced Return Notes due July 16, 2029, linked to Lam Research Corporation common stock. The notes offer 150.00% leveraged upside on stock appreciation, capped at a Maximum Redemption Amount of $3,720.00 per $1,000 (a 272.00% maximum return).
The notes provide a 20.00% downside buffer: principal is fully returned if the final stock level is at or above 80.00% of the Initial Level. Below that buffer, investors lose 1% of principal for each 1% additional decline, with up to 80.00% principal loss possible. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are subject to its credit risk. The estimated initial value is $967.54 per $1,000, lower than the issue price due to offering, structuring and hedging costs.
Bank of Montreal is offering US$1,500,000 of senior Medium-Term Notes, Series K, maturing on July 16, 2029, whose return is linked to the common stock of Marvell Technology, Inc. (MRVL).
These “Capped Buffer Enhanced Return Notes” provide 150.00% leveraged upside on any stock appreciation, but the payoff per $1,000 principal is capped at a Maximum Redemption Amount of $4,570.00, equal to a 357.00% maximum return. The notes include a 20.00% downside buffer: investors receive full principal at maturity if the stock’s Final Level is at or above 80.00% of the Initial Level. Below that Buffer Level, principal is reduced 1% for each 1% further decline, up to a potential 80.00% loss of principal.
The notes pay no interest, are unsecured obligations of Bank of Montreal, will not be listed, and all payments depend on the bank’s credit. The Initial Level of MRVL is set at $230.70, the Buffer Level at $184.56, and the estimated initial value is $952.53 per $1,000.
Bank of Montreal is issuing $1,276,000 principal amount of Senior Medium-Term Notes, Series K, in the form of Autocallable Barrier Notes with Contingent Coupons due July 13, 2028, linked to the common stock of Devon Energy Corporation.
The notes pay a 2.5625% quarterly contingent coupon (about 10.25% per year), or $25.625 per $1,000, only if on each Observation Date the Devon Energy share price is at or above the Coupon Barrier Level of $23.11, which is 55% of the Initial Level of $42.02. Beginning January 11, 2027, if the stock closes above the Call Level of 100% of the Initial Level on an Observation Date, the notes are automatically redeemed at par plus any due coupon.
If the notes are not called and, on the July 10, 2028 Valuation Date, Devon Energy’s share price is below the Trigger Level of $23.11, investors lose principal on a 1-for-1 basis with the stock’s negative return, down to zero. The estimated initial value is $968.67 per $1,000 note, and Bank of Montreal expects to receive approximately 98.15% of principal as proceeds after a 1.85% selling commission and structuring fees.
Bank of Montreal is issuing US$832,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due July 16, 2029. The notes are linked to the least performing of the S&P 500 Index (SPX), NASDAQ-100 Index (NDX) and Russell 2000 Index (RTY). Initial levels are SPX 7,543.64, NDX 29,727.10 and RTY 2,992.542.
The notes pay a 0.85% monthly contingent coupon (about 10.20% per annum, or $8.50 per $1,000) only if on an observation date each index closes at or above its coupon barrier, set at 65% of its initial level (SPX 4,903.37, NDX 19,322.62, RTY 1,945.152). Beginning January 13, 2027, Bank of Montreal may call the notes in whole on any observation date, in which case investors receive principal plus any due coupon.
If the notes are not called, at maturity investors receive $1,000 per $1,000 principal provided no trigger event occurs. A trigger event happens if on the valuation date the final level of any index is below its trigger level (also 65% of its initial level). If a trigger event occurs, the maturity payment is reduced based on the percentage change of the least performing index and may be zero. The estimated initial value is $983.93 per $1,000, reflecting hedging costs and dealer compensation.
Bank of Montreal is offering Accelerated Return Notes linked to a basket of fifteen financial-sector equities, maturing in September 2027. Each note has a $10 principal amount and provides a leveraged upside: investors earn 300% of any positive basket return, subject to a Capped Value between $12.40 and $12.80 per unit, corresponding to a maximum return of 24%–28%.
The basket is approximately equally weighted, with each Basket Stock initially around 6.6%–6.7% of the basket and the Basket Starting Value set to 100.00. If the Ending Value is below the Starting Value, principal is reduced one-for-one with the basket loss and can be fully lost. The notes pay no dividends and are senior unsecured obligations of BMO, subject to its credit risk, and are not insured by Canadian or U.S. deposit insurers. The initial estimated value is expected to range from $9.10 to $9.50 per unit, below the public offering price, reflecting internal funding rates, a $0.175 per‑unit underwriting discount, and a $0.05 per‑unit hedging-related charge.
Bank of Montreal is issuing $1,000,000 of Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes, due July 14, 2036. Each note has a $1,000 principal amount, a fixed interest rate of 5.25% per annum, and pays interest semi-annually on January 14 and July 14, starting January 14, 2027.
The issuer may redeem the notes in whole at 100% of principal plus accrued interest on any January 14 or July 14 from July 14, 2027 through January 14, 2036. The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurance agencies.
The notes will not be listed on any securities exchange, and a secondary market is not assured. Original proceeds to Bank of Montreal are $987,500 after a $12,500 underwriting discount, and investors are exposed to the bank’s credit risk, interest rate risk over a long maturity, potential illiquidity, and the possibility of bail-in conversion to equity.
Bank of Montreal is issuing $1,360,000 of Senior Medium-Term Notes, Series K, Autocallable Buffer Notes with Memory Coupons due July 14, 2028, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
The notes pay a contingent coupon of 2.4375% per quarter (9.75% per annum) only if on each Observation Date all three indices are at or above 80% of their initial levels; missed coupons may be paid later under the Memory Coupon Feature. Beginning July 9, 2027, the notes are automatically redeemed at par plus any due coupons if all indices are at or above 100% of their initial levels.
If the notes are not called, principal repayment depends on performance of the least performing index. A 20% buffer applies; if the worst index falls more than 20%, investors lose 1% of principal for each 1% decline beyond that, up to an 80% loss. The notes are unsecured obligations, not FDIC- or CDIC-insured. The estimated initial value is $990.62 per $1,000, below the issue price.
Bank of Montreal is issuing $1,500,000 of Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due July 14, 2034. Each Note has a $1,000 principal amount, pays 5.00% per annum, with interest paid semi-annually on January 14 and July 14, starting January 14, 2027.
Unless earlier redeemed, investors receive $1,000 per Note plus accrued interest at maturity. The bank may redeem the Notes, in whole only, at 100% of principal plus accrued interest on optional redemption dates every January 14 and July 14 from July 14, 2031 through January 14, 2034. The Notes are unsecured and subject to Bank of Montreal’s credit risk.
The Notes are bail-inable under the Canada Deposit Insurance Corporation Act and may be converted into Bank of Montreal common shares or varied or extinguished in a resolution scenario. They will not be listed on any securities exchange, and a secondary trading market is not expected. The original issue price is $1,000 per Note, with an underwriting discount of $5.80 and proceeds to Bank of Montreal of $994.20 per Note.
Bank of Montreal is offering Senior Medium-Term Notes, Series K, equity index-linked, auto-callable securities with contingent coupons linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. Each security has a $1,000 face amount and an original offering price of $1,000.
The estimated initial value on the preliminary date is $970.80 per security and will not be less than $921.00 per security at pricing. A contingent coupon rate of at least 9.50% per annum is paid quarterly only if the lowest-performing index on the relevant calculation day is at or above 70% of its starting value.
From July 2027 to April 2028, the notes are automatically called if the lowest-performing index is at or above its starting value, returning face amount plus a final coupon. If held to July 20, 2028 and not called, investors receive $1,000 if the worst index is at or above 70% of its starting value, otherwise they are fully exposed to downside in that index, potentially losing all principal. The notes are unsecured, not insured, and subject to Bank of Montreal’s credit risk, with complex U.S. and Canadian tax treatment and potential 30% U.S. withholding on coupons for non-U.S. holders.
Bank of Montreal is offering $907,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 14, 2031. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index, and Russell 2000 Index.
Investors may receive a 0.50% monthly contingent coupon (approximately 6.00% per annum, or $5.00 per $1,000) if on each Observation Date all three indexes are at or above their Coupon Barrier Levels, set at 56.00% of initial levels. Beginning July 9, 2027, the notes are automatically redeemed if each index is at or above its Call Level (100% of its initial level), returning principal plus the applicable coupon.
If not called, at maturity investors receive $1,000 per $1,000 principal unless a Trigger Event occurs, defined as any index closing below its Trigger Level (also 56.00% of its initial level) on the Valuation Date. After a Trigger Event, repayment is reduced in proportion to the decline of the least performing index and can be as low as zero. The estimated initial value is $945.63 per $1,000, and the notes are unsecured obligations of Bank of Montreal.
Bank of Montreal is offering US$2,736,000 of Senior Medium-Term Notes, Series K, structured as callable barrier notes with contingent coupons due June 14, 2028. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.
The notes pay a monthly contingent coupon of 0.6958% (approximately 8.35% per annum), or $6.958 per $1,000, only if on each observation date all three indices are at or above their coupon barrier levels, set at 55.00% of initial levels, which are also the trigger levels. Beginning July 9, 2027, Bank of Montreal may call the notes on any observation date, returning principal plus any due coupon.
If the notes are not called, and on the June 9, 2028 valuation date any index closes below its trigger level, investors will receive at maturity $1,000 plus $1,000 times the percentage change of the least performing index, which can reduce repayment to zero. The estimated initial value is $987.92 per $1,000 principal amount, below the 100% public offering price.
Bank of Montreal is issuing US$3,613,000 of Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due July 16, 2029, linked to the least performing of JPMorgan Chase common stock, Walmart common stock, and Alphabet Class C stock.
The notes pay a contingent coupon of 3.375% per quarter (about 13.50% per year), or $33.75 per $1,000, only if on an Observation Date each share is at or above its Coupon Barrier Level, set at 60.00% of its Initial Level (JPM $201.28, WMT $67.33, GOOG $213.74). Unpaid coupons may be recovered later under a Memory Coupon feature. Starting January 13, 2027, if on any Observation Date each stock is at or above its Initial Level (the Call Level), the notes are automatically redeemed at par plus due coupons.
If the notes are not called, at maturity investors receive $1,000 per $1,000 of principal unless any stock closes below its Trigger Level (also 60.00% of its Initial Level). If a Trigger Event occurs, repayment is reduced based on the percentage decline of the least performing stock and can be as low as zero. The notes are unsecured obligations of Bank of Montreal; the estimated initial value is $965.61 per $1,000.
Bank of Montreal is offering US$1,055,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due July 14, 2028, linked to the least performing of Tesla, Inc. common stock and NVIDIA Corporation common stock. The notes pay a contingent coupon of 1.725% per month (approximately 20.70% per annum), or $17.25 per $1,000, on monthly observation dates only if each reference stock closes at or above its coupon barrier level (70% of its initial level). Unpaid coupons may be paid later under a memory feature when barrier conditions are met.
Beginning October 09, 2026, the notes are automatically redeemed if on any observation date each reference stock is at or above its call level (100% of its initial level), returning principal plus any due contingent coupons. If not called, at maturity investors receive $1,000 per $1,000 principal unless a trigger event occurs. A trigger event occurs if, on the valuation date, either stock is below its trigger level (60% of its initial level); in that case, repayment is reduced based on the percentage decline of the least performing stock and may be zero. The estimated initial value is $955.51 per $1,000, and the notes are unsecured obligations of Bank of Montreal.
Bank of Montreal is offering US$1,111,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 16, 2029. The notes are linked to the least-performing of Meta Platforms, Inc. Class A common stock, Broadcom Inc. common stock and The Home Depot, Inc. common stock.
The notes pay a contingent coupon of 1.5042% per month (approximately 18.05% per annum), or $15.042 per $1,000 of principal, only if on each Observation Date every reference stock closes at or above its coupon barrier, set at 70.00% of its initial level. Beginning October 13, 2026, the notes will be automatically redeemed if on an Observation Date each stock closes above its call level, set at 80.00% of its initial level, returning principal plus the applicable coupon.
If the notes are not called, investors receive $1,000 per $1,000 principal at maturity unless a Trigger Event occurs, defined as any reference stock closing below its 70.00% trigger level on the valuation date. In that case, the payoff is reduced based on the percentage decline of the least-performing stock and can be as low as $0. The estimated initial value is $937.74 per $1,000 of principal, and the notes are unsecured obligations of Bank of Montreal.
Bank of Montreal is issuing $1,500,000 of Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due July 14, 2031. Each note has a $1,000 principal amount, pays 5.00% fixed interest per annum, and pays interest semi-annually on January 14 and July 14, beginning January 14, 2027.
The notes are callable at par by Bank of Montreal, in whole but not in part, on each January 14 and July 14 from July 14, 2027 through January 14, 2031, plus accrued interest. They are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited.
The notes are 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 in a bail-in. The original issue price is $1,000 per note, with a $4.30 underwriting discount, resulting in proceeds to Bank of Montreal of $995.70 per note.