Chicago, Aug. 29 – Bank of Montreal priced $500,000 of callable barrier notes with contingent coupons due Aug. 22, 2024 linked to the stock performance of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 12.5% per year if the stock’s closing level is at least 64% 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 64% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
|
| Underlying stock: | FedEx Corp.
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| Amount: | $500,000
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| Maturity: | Aug. 22, 2024
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| Coupon: | 12.5% 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 of stock
|
| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial level: | $231.73
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| Coupon barrier level: | $148.31; 64% of initial level
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| Trigger level: | $148.31; 64% of initial level
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| Pricing date: | Aug. 19, 2022
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| Settlement date: | Aug. 24, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 1%
|
| Cusip: | 06374V2S4
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