By Kiku Steinfeld
Chicago, April 26 – Bank of Montreal priced $1.23 million of callable barrier notes with contingent coupons due Aug. 5, 2025 linked to the stock performance of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 10.1% per year if the stock’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 quarterly observation date.
If the notes are not called and the stock finishes at or above its 65% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the stock.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
|
Issue: | Callable barrier notes with contingent coupons
|
Underlying stock: | Microsoft Corp.
|
Amount: | $1,231,000
|
Maturity: | Aug. 5, 2025
|
Coupon: | 10.1% per year, payable quarterly if the stock’s closing level is at or above its coupon barrier level on the relevant observation date
|
Price: | Par
|
Payout at maturity: | If stock finishes at or above trigger level, par plus final coupon; otherwise, full exposure to decline
|
Call option: | At par plus any coupon due on any quarterly observation date
|
Initial level: | $335.92
|
Coupon barrier level: | $218.35; 65% of initial level
|
Trigger level: | $218.35; 65% of initial level
|
Pricing date: | July 31, 2023
|
Settlement date: | Aug. 3, 2023
|
Agent: | BMO Capital Markets Corp.
|
Fees: | 1%
|
Cusip: | 06375M5R2
|
|
© 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.