Chicago, Aug. 24 – Bank of Montreal priced $1.47 million of callable barrier notes with contingent coupons due Aug. 22, 2024 linked to the common stock of Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 14% per year if the stock closes at or above its coupon barrier level, 50% of its initial price, on the relevant observation date.
The notes may be called at par any quarterly observation date.
If the notes are not called and the stock finishes at or above its 50% trigger price, the payout at maturity will be par. Otherwise, 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: | Callable barrier notes with contingent coupons
|
| Underlying stock: | Schlumberger NV
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| Amount: | $1,469,000
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| Maturity: | Aug. 22, 2024
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| Coupon: | 14% per year, payable quarterly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | If the stock closes at or above its trigger price, par; otherwise, investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon on any quarterly observation date at option of issuer
|
| Initial price: | $37.12
|
| Coupon barrier: | $18.56; 50% of initial price
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| Trigger price: | $18.56; 50% of initial price
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 24
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| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1%
|
| Cusip: | 06374V2Q8
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