Published on 2/20/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $577,000 14.25% autocallable reverse converts on Pioneer
By Kiku Steinfeld
Chicago, Feb. 21 – Bank of Montreal priced $577,000 of 14.25% autocallable reverse convertible notes due Dec. 18, 2023 linked to the common stock of Pioneer Natural Resources Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date beginning May 15, 2023.
If the notes are not called, the payout at maturity will be par unless the shares close below their trigger level, 69% of their initial price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
BMO Capital Markets is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable reverse convertible notes
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Underlying stock: | Pioneer Natural Resources Co.
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Amount: | $577,000
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Maturity: | Dec. 18, 2023
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Coupon: | 14.25% payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock closes below trigger price, in which case a number of shares equal to $1,000 divided by the initial share price or cash at option of issuer
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Call: | At par if shares close at or above initial share price on any monthly trigger observation date beginning May 15, 2023
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Initial level: | $255.44
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Coupon barrier: | $176.25, 69% of initial share price
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Trigger price: | $176.25, 69% of initial share price
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Pricing date: | Nov. 14, 2022
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Settlement date: | Nov. 17, 2022
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Agent: | BMO Capital Markets
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Fees: | 2.15%
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Cusip: | 06369NED9
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