By William Gullotti
Buffalo, N.Y., March 17 – Bank of Montreal priced $4.4 million of autocallable barrier notes with contingent coupons due Dec. 17, 2024 linked to an equally-weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Apple Inc., Advanced Micro Devices, Inc., Nvidia Corp. and Marvell Technology Group Ltd.
The notes will pay a monthly coupon equal to 10.25% per year if the basket’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the basket closes at or above its initial level on any monthly observation date after six months.
If the notes are not called and the basket finishes at or above its 70% coupon barrier level, the payout at maturity will be par plus the final coupon.
If the basket finishes below its coupon barrier but at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% of basket decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupons
|
| Underlying basket: | Apple Inc., Advanced Micro Devices, Inc., Nvidia Corp., Marvell Technology Group Ltd.; equal weights
|
| Amount: | $4.4 million
|
| Maturity: | Dec. 17, 2024
|
| Coupon: | 10.25% per year, payable monthly if the basket’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if basket finishes at or above coupon barrier; if basket finishes below its coupon barrier but at or above trigger level, par; otherwise, 1% loss for every 1% of basket decline from initial level
|
| Call: | At par plus contingent coupon if the basket closes at or above initial level on any monthly observation date after six months
|
| Initial levels: | $150.62 for Apple, $102.25 for AMD, $213.30 for Nvidia, $60.25 for Marvell
|
| Coupon barrier level: | 70% of initial levels
|
| Trigger level: | 60% of initial levels
|
| Pricing date: | March 14
|
| Settlement date: | March 17
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3%
|
| Cusip: | 06368GM61
|
|
|
© 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.
