By William Gullotti
Buffalo, N.Y., Feb. 28 – Bank of Montreal priced $1.34 million of autocallable barrier notes with contingent coupons due May 31, 2022 linked to the common stock of Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 9% per year if the stock closes above its coupon barrier level, 70% of its initial price, on the observation date for that month.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes above its initial price on any monthly observation date starting after six months.
If the notes are not called, the payout at maturity will be par if the stock closes above its initial level. Investors will alternatively receive par if the stock never closes below its 70% trigger level during the life of the notes.
Otherwise, investors will be fully exposed to the losses of the stock.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying stock: | Boeing Co.
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Amount: | $1,343,000
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Maturity: | May 31, 2022
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Coupon: | 9% per year, payable monthly if stock closes above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par if stock finishes above initial level; par if stock never closes below trigger level during life of the notes; otherwise, full exposure to losses of stock
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Call: | At par plus contingent coupon if stock closes above initial price on any monthly observation date starting after six months
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Initial price: | $241.44
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Coupon barrier/trigger price: | $169.01; 70% of initial price
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Pricing date: | April 26, 2021
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Settlement date: | April 29, 2021
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 06368EKR2
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