Chicago, Dec. 14 – Bank of Montreal priced $1.43 million of autocallable barrier notes with a contingent coupons due May 06, 2022 linked to the common stock of Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon equal to 10% per year if the stock closes above its coupon barrier level, 65% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the final price of the stock is less than 65% of its initial price, in which case investors will lose 1% for each 1% decline of the stock from its initial price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying stock: | Schlumberger NV
|
| Amount: | $1,428,000
|
| Maturity: | May 06, 2022
|
| Coupon: | 10% per year, payable monthly if stock closes above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless final price of stock is less than trigger price, in which case investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon if each stock closes above initial price on any monthly observation date after six months
|
| Initial price: | $28.10
|
| Coupon barrier price: | $18.27; 65% of initial price
|
| Trigger price: | $18.27; 65% of initial price
|
| Pricing date: | April 1
|
| Settlement date: | April 6
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.15%
|
| Cusip: | 06368EHC9
|
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