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Bank of Montreal (BMO) is marketing Auto-Callable Market Linked Securities with Contingent Coupons, Memory Feature and Contingent Downside Principal at Risk, linked to the worst performer among Apple Inc., Broadcom Inc. and McDonald鈥檚 Corporation. The $1,000-denominated notes price on 11 Jul 2025, settle on 16 Jul 2025 and mature on 14 Jul 2028 (3-year tenor unless called earlier).

Income profile: Investors receive a quarterly contingent coupon of at least 21.25 % p.a. (5.3125 % per quarter) provided the worst-performing underlier is 鈮� 80 % of its starting value on the relevant calculation day. The 鈥渕emory鈥� feature adds any missed coupons once the threshold is next met.

Auto-call: From Oct 2025 to Apr 2028, if the worst performer is 鈮� its starting value on a calculation day, the notes are automatically called at par plus the coupon, ending the investment early and creating reinvestment risk.

Principal repayment: If not previously called, at maturity holders receive: (i) 100 % of face if the worst performer is 鈮� 70 % of its starting value; or (ii) par 脳 performance factor of the worst performer if it is < 70 %. Investors therefore face full downside exposure below the 30 % buffer and could lose all principal.

Key structural terms: Starting values set on pricing date; coupon threshold 80 %; downside threshold 70 %; estimated initial value disclosed as $966.40 (96.64 % of face) and will not be less than $916.00. Agent discount up to 2.325 %; additional dealer fees up to 0.30 %.

Risks highlighted: conditional coupons (may receive none), potential loss of > 30 % of principal, reliance on worst performer, credit risk to BMO, illiquid secondary market, pricing transparency, and uncertain U.S. tax treatment. The notes are unsecured, not FDIC-insured and will not list on any exchange.

Alcoa Corporation (NYSE: AA) has completed the divestiture of its entire 25.1% equity interest in the Ma鈥檃den bauxite-alumina-aluminum joint venture. Under the binding share purchase and subscription agreement announced in an 8-K filing dated July 1, 2025, Alcoa transferred its stake directly to partner Saudi Arabian Mining Company (Ma鈥檃den).

The consideration totals approximately US$1.35 billion, comprised of 86 million Ma鈥檃den shares valued at ~US$1.2 billion plus US$150 million in cash earmarked mainly for taxes and transaction costs. Management expects to recognize a pre-tax gain of roughly US$780 million in 鈥淥ther income鈥� during 3Q 2025.

Deal mechanics impose a minimum three-year holding period on the Ma鈥檃den shares, after which Alcoa may dispose of one-third of the shares on each of the third, fourth, and fifth anniversaries of closing. The company may hedge or borrow against the shares during the lock-up, and certain contractual conditions could shorten the holding requirement.

Strategically, the transaction converts an illiquid minority JV position into a marketable equity stake and cash, unlocking capital while preserving indirect exposure to Middle-East aluminum production. The sizable expected gain should bolster third-quarter earnings and strengthen the balance sheet, though value realization ultimately depends on Ma鈥檃den鈥檚 share performance and regional market conditions.