Chicago, Feb. 1 – Bank of Montreal priced $2.07 million of autocallable barrier notes with contingent coupons due Jan. 12, 2027 linked to the stock performance of Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 10% per year if the stock closes at or above its coupon barrier level, 71.5% 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 and the stock finishes at or above its 71.5% trigger price, the payout at maturity will be par plus a coupon.
Otherwise, 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
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Issue: | Autocallable barrier notes with contingent coupons
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Underlying stock: | Verizon Communications Inc.
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Amount: | $2,070,000
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Maturity: | Jan. 12, 2027
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Coupon: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | If the stock finishes at or above its trigger price, par plus coupon; otherwise, full exposure to decline from initial price
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Call: | At par plus contingent coupon if the stock closes at or above initial price on any quarterly observation date
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Initial price: | $39.04
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Coupon barrier: | $27.91; 71.5% of initial price
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Trigger price: | $27.91; 71.5% of initial price
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Pricing date: | Jan. 9
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Settlement date: | Jan. 12
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.25%
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Cusip: | 06375MSW6
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