By Wendy Van Sickle
Columbus, Ohio, May 15 – Bank of Montreal priced $5.78 million of callable barrier notes with contingent coupons due Aug. 15, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon equal to 8.5% per year if the index’s closing level is at least 65% of its initial level on the relevant observation date.
The notes will be callable at par plus any coupon otherwise due on any monthly observation date.
If the notes are not called and the index finishes at or above its 65% coupon barrier, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% of index decline from its initial level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Callable barrier notes with contingent coupons
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Underlying index: | S&P 500 index
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Amount: | $5,775,000
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Maturity: | Aug. 15, 2024
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Coupon: | 8.5% per year, payable monthly if the index’s closing level is at or above its coupon barrier level on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if index finishes at or above coupon barrier; otherwise, lose 1% for each 1% of index decline from initial level
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Call option: | At par plus any coupon due on any monthly observation date
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Initial level: | 4,137.64
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Coupon barrier level: | 2,677.46, 65% of initial levels
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Trigger level: | 2,677.46, 65% of initial levels
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Pricing date: | May 10
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Settlement date: | May 15
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.5%
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Cusip: | 06374VV60
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