Published on 6/16/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $530,000 autocallable notes with contingent coupons on Global Payments
By Kiku Steinfeld
Chicago, June 16 – Bank of Montreal priced $530,000 of autocallable notes with a contingent coupons due Jan. 3, 2023 linked to the common stock of Global Payments Inc., according to a 424B2 filing with the Securities and Exchange Commission.
notes will pay a monthly coupon equal to 9.16% per year if the stock closes at or above its coupon barrier level, 73% of its initial price, on the relevant observation date.
If the notes are not called and the stock finishes at or above 73% of its initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable notes with contingent coupons
|
| Underlying stock: | Global Payments Inc.
|
| Amount: | $530,000
|
| Maturity: | Jan. 3, 2023
|
| Coupon: | 9.16% per year, payable monthly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | If the stock finishes at or above trigger price, par plus final coupon; otherwise, investors receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus contingent coupon if each stock closes at or above initial price on any monthly observation date after six months
|
| Initial price: | $120.26
|
| Coupon barrier/trigger price: | $87.79; 73% of initial price
|
| Pricing date: | Nov. 29, 2021
|
| Settlement date: | Dec. 2, 2021
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06369NAA9
|
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