[Form 4] AT&T Inc. 5.625% Global Notes due 2067 Insider Trading Activity

Rhea-AI Filing Summary

Bank of Montreal (BMO) is offering US$1.59 million of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due 6 July 2027 that are linked to the EURO STOXX 50® Index (SX5E). The notes are unsecured, do not pay periodic interest and will not be listed on any exchange, making secondary-market liquidity dependent on the selling agent, BMO Capital Markets (BMOCM).

Key economic terms

• Initial Level: 5,303.24 (closing level on 30 Jun 2025)
• Upside Leverage Factor: 118.70% on any positive index return
• Buffer Level: 85% of the Initial Level (15% downside buffer)
• Maximum Downside Redemption Amount: US$1,150 per US$1,000 note (15% positive return) when the Final Level is between 85% and 100% of the Initial Level
• Downside Participation: -1% for every 1% index loss beyond the 15% buffer, exposing investors to a maximum loss of 85% of principal
• Estimated initial value: US$982.45 (reflects embedded dealer costs and hedging)
• Offering price: 100% of face; agent commission: 0.25%
• Pricing Date: 30 Jun 2025; Settlement: 3 Jul 2025; Valuation Date: 30 Jun 2027; Maturity: 6 Jul 2027

At maturity investors receive:

• $1,000 + $1,000 × (Percentage Change × 1.187) if the index rises.
• $1,000 + $1,000 × (-Percentage Change) (capped at $1,150) if the index falls ≤ 15%.
• $1,000 + $1,000 × (Percentage Change + 15%) if the index falls > 15%, resulting in loss of principal.

Risk highlights

• Credit exposure to BMO; notes are unsecured and rank pari passu with other senior debt.
• No interim coupons; total return depends solely on index performance at maturity.
• Limited liquidity: notes are not exchange-listed and BMOCM is not obliged to maintain a market.
• Initial value is 1.75% below issue price, indicating negative carry for investors who exit early.
• Exposure to European equity and currency risk inherent in the EURO STOXX 50® constituents.

The product suits investors with a moderately bullish to mildly bearish two-year view on Eurozone large-cap equities who can accept credit risk, limited liquidity and potential loss of up to 85% of principal.

Positive

• 118.70% uncapped upside participation offers leveraged exposure versus direct index investment.
• 15% downside buffer converts moderate index losses into positive returns up to $1,150 per $1,000 note.
• Short 2-year tenor limits duration and interest-rate risk compared with longer structured notes.

Negative

• Principal is at risk beyond a 15% index decline; maximum loss equals 85% of invested capital.
• Unsecured credit exposure to Bank of Montreal; deterioration in BMO credit spreads can depress secondary value.
• No exchange listing and minimal issue size create significant liquidity constraints.
• Issue price exceeds estimated initial value by 1.75%, embedding upfront costs that investors may not recover.
• Exposure to Eurozone equity and currency factors introduces additional volatility drivers versus U.S-centric assets.

Insights

Structured Products Analyst

TL;DR: Two-year Euro Stoxx 50 note offers 118.7% upside, 15% buffer, but unsecured credit risk and illiquidity limit appeal.

From a payoff-engineering perspective, the note delivers attractive 1.187× participation without a cap and a rare positive “absolute return” feature for modest index declines, effectively monetising volatility skew. However, investors sacrifice coupons, face 85% downside risk past the buffer and rely on BMO’s credit profile. The tiny US$1.59 million size suggests limited balance-sheet impact and negligible market signalling. Estimated fair value of 98.245 indicates ~1.75-point issue premium after fees, which will erode secondary pricing. Illiquid, short-dated Eurozone exposure may suit tactical allocations, but traditional equity or option overlays may achieve similar profiles with greater flexibility. Overall market impact: neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FORD SCOTT T

(Last) (First) (Middle)

208 S. AKARD ST.

(Street)

DALLAS TX 75202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AT&T INC. [ T ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								81,319	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	06/30/2025		A		4,837.595		(1)	(1)	Common Stock	4,837.595	$28.94	246,445.3003	I	By Benefit Plan

Explanation of Responses:

1. Deferred stock units acquired pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan. After the reporting person ceases to be a director, each unit is paid out in cash equal to the value of one share of AT&T common stock at times elected by the director.

	/s/ Johnell C. Holland, Attorney-in-fact	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the Upside Leverage Factor on Bank of Montreal’s 2027 Buffer Notes?

The notes provide 118.70% participation in any positive performance of the EURO STOXX 50® Index at maturity.

How much downside protection do the BMO Buffer Notes (CUSIP 06376ENL2) offer?

They feature a 15% buffer; investors are protected against index losses up to that threshold but lose 1% per 1% beyond it.

What happens if the EURO STOXX 50® Index falls 10% at maturity?

Because the decline is within the buffer, holders receive a 10% positive return, or $1,100 per $1,000 note.

Why is the estimated initial value ($982.45) below the $1,000 issue price?

The gap reflects dealer commission, hedging costs and structuring fees embedded in the offer price.

Are the BMO Contingent Risk Absolute Return Buffer Notes listed on an exchange?

No. The notes are not exchange-listed; trading depends on BMOCM’s willingness to make a market.

When do the notes linked to the EURO STOXX 50® Index mature?

The maturity date is 6 July 2027, with valuation fixed on 30 June 2027.