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.