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.