On February 29, 2024, Bank of Montreal issued up to USD $40 million (approximately CAD $54 million) in BMO Callable Contingent Income Barrier Notes, Series 634, due March 27, 2031. The notes, linked to the Solactive Core Canadian Large Cap AR Index, offered a contingent monthly coupon rate of 0.795% (9.54% per annum) and provided contingent downside protection. Investors faced the risk of losing their principal if the reference asset fell below the 70% barrier level. The notes featured an autocall mechanism, redeemable early if the reference asset exceeded 105% of the initial level. The issue price was USD $100.00 (approximately CAD $135.00) per note, with a dealer’s fee of USD $2.50 (approximately CAD $3.38) per note. BMO Nesbitt Burns Inc., an affiliate of the issuer, and Raymond James Ltd. acted as dealers, with BMO Capital Markets serving as the calculation agent. Legal counsel was provided by Torys LLP for the issuer and Stikeman Elliott LLP for the dealers. The notes were not listed on any securities exchange, and secondary market trading was facilitated through Fundserv.