By Wendy Van Sickle
Columbus, Ohio, April 18 – Bank of Montreal priced $1.09 million of autocallable barrier notes with contingent coupons due Oct. 21, 2024 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes will pay a coupon equal to 15% per year if the stock closes above its coupon barrier level, 50% of its initial price, on the observation date for that month.
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 starting after six months.
If the notes are not called, the payout at maturity will be par if the stock finishes above its 50% trigger level.
Otherwise, investors will be fully exposed to the losses of the stock.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable barrier notes with contingent coupon
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $1,087,000
|
| Maturity: | Oct. 21, 2024
|
| Coupon: | 15% per year, payable monthly if stock closes above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes above initial level; par if stock finishes above trigger level; otherwise, full exposure to losses of stock
|
| Call: | At par plus contingent coupon if stock closes above initial price on any monthly observation date starting after six months
|
| Initial price: | $1,022.37
|
| Coupon barrier/trigger price: | $511.19; 50% of initial price
|
| Pricing date: | April 13
|
| Settlement date: | April 19
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 4%
|
| Cusip: | 06368GP84
|
|
|
© 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.
