By William Gullotti
Buffalo, N.Y., April 21 – Bank of Montreal priced $1.37 million of autocallable barrier notes with a contingent coupon due April 21, 2025 linked to the common stock of Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 18% per year if the stock closes at or above its coupon barrier level, 60% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the final price of the stock is less than 60% of its initial price, in which case investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying stock: | Occidental Petroleum Corp.
|
| Amount: | $1,366,000
|
| Maturity: | April 21, 2025
|
| Coupon: | 18% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless final price of stock is less than trigger price, in which case investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any observation date
|
| Initial price: | $61.37
|
| Coupon barrier/trigger price: | $36.82; 60% of initial price
|
| Pricing date: | April 18
|
| Settlement date: | April 21
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.943%
|
| Cusip: | 06368GQ83
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
