Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $710,000 callable barrier notes linked to Pool
By Angela McDaniels
Tacoma, Wash., Jan. 25 – Bank of Montreal priced $710,000 of callable barrier notes with memory coupon due May 1, 2025 linked to the common stock of Pool Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock’s closing share price on a quarterly observation date is greater than or equal to the trigger level, 59% of the initial share price, the notes will pay a contingent coupon at the rate of 10% per year plus any previously unpaid contingent coupons.
Beginning Oct. 30, 2023, the notes are callable at par on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the trigger level, in which case investors will be exposed to the stock’s decline from its initial share price, payable in shares or cash at the issuer’s option.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with memory coupon
|
| Underlying index: | Pool Corp.
|
| Amount: | $710,000
|
| Maturity: | May 1, 2025
|
| Coupon: | 10% per year, payable quarterly if stock’s closing share price on observation date for that quarter is greater than or equal to trigger level, in which case any previously unpaid contingent coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than trigger level, in which case exposure to stock’s decline from initial share price, payable in shares or cash at issuer’s option
|
| Call: | Beginning Oct. 30, 2023, notes are callable at par on any quarterly observation date
|
| Initial share price: | $351.32
|
| Trigger level: | $207.28, or 59% of initial share price
|
| Pricing date: | April 28, 2023
|
| Settlement date: | May 3, 2023
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.75%
|
| Cusip: | 06369NHG9
|
|
|
© 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.
