By William Gullotti
Buffalo, N.Y., Oct. 6 – Bank of Montreal priced $5.86 million autocallable barrier notes with a contingent coupon due Oct. 5, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 10.25% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the final level of the index is less than 70% of its initial level, in which case investors will lose 1% for each 1% decline of the index from its initial level.
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 index: | S&P 500 index
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Amount: | $5,862,000
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Maturity: | Oct. 5, 2026
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Coupon: | 10.25% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless final level of index is less than trigger level, in which case investors will lose 1% for each 1% decline of index from its initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any observation date after one year
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Initial level: | 3,585.62
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Coupon barrier/trigger level: | 2,509.93; 70% of initial level
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06374V7M2
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