Published on 7/10/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $668,000 callable notes with contingent coupons on MetLife
By Angela McDaniels
Tacoma, Wash., April 24 – Bank of Montreal priced $668,000 of callable notes with contingent coupons due Aug. 1, 2024 linked to the common stock of MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.9% if the stock closes at or above its coupon barrier, 65% of its initial level, on the related observation date.
Beginning Jan. 30, 2023, the notes will be callable, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below 65% of its initial price, in which case investors will receive a number of MetLife shares equal to $1,000 divided by the stock’s initial share price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Callable notes with contingent coupons
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| Underlying stock: | MetLife, Inc.
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| Amount: | $668,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 9.9% annual rate, payable quarterly if stock 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 stock finishes below trigger level, in which case a number of MetLife shares equal to $1,000 divided by initial share price or, at issuer’s option, cash equivalent
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| Call option: | Beginning Jan. 30, 2023, at par quarterly
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| Initial share price: | $63.25
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| Coupon barrier: | $41.11, or 65% of initial share price
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| Trigger level: | $41.11, or 65% of initial share price
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| Pricing date: | July 29, 2022
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| Settlement date: | Aug. 3, 2022
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| Agent: | BMO Capital Markets
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| Fees: | 1.75%
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| Cusip: | 06369NCU3
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