By William Gullotti
Buffalo, N.Y., June 26 – Bank of Montreal priced $1.7 million of callable barrier notes with contingent coupons due Feb. 21, 2024 linked to the stock performance of Fidelity National Information Services, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon equal to 15.56% per year if the stock’s closing level is at least 65% of its initial level on the relevant observation date. The first two coupons, if payable, will pay at a rate of $38.90 per $1,000 principal amount. The final, if payable, will be $25.93 per note.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below its 65% trigger level, in which case investors will lose 1% for each 1% of stock decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Callable barrier notes with contingent coupons
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| Underlying stock: | Fidelity National Information Services, Inc.
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| Amount: | $1.7 million
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| Maturity: | Feb. 21, 2024
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| Coupon: | 15.56% per year, payable quarterly if the stock’s closing level is at or above its coupon barrier level on the relevant observation date; first two coupons will pay $38.90 per note with the final coupon worth $25.93
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless the stock finishes below its trigger level, in which case investors will lose 1% for each 1% of stock decline from its initial level
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| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial level: | $54.78
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| Coupon barrier level: | $35.61; 65% of initial level
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| Trigger level: | $35.61; 65% of initial level
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 06374VXK7
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