By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Bank of Montreal priced $2 million of callable barrier notes with contingent coupons due Sept. 18, 2025 linked to the performance of the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon equal to 14% per year if the index’s closing level is at least 75% of its initial level on the relevant observation date.
The notes will be callable at par plus any coupon otherwise due on any monthly observation date after three months.
If the notes are not called and the index finishes at or above 75% of its initial level, the payout at maturity will be par plus the final coupon.
If the index further declines but finishes at or above its 70% trigger level, the payout will be par. Otherwise, investors will lose 1% for each 1% of index decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Callable barrier notes with contingent coupons
|
| Underlying index: | Nasdaq-100 index
|
| Amount: | $2 million
|
| Maturity: | Sept. 18, 2025
|
| Coupon: | 14% per year, payable monthly if the index’s closing level is at or above its coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if index finishes at or above coupon barrier; if index finishes below coupon barrier but at or above trigger level, par; otherwise, lose 1% for each 1% of index decline from its initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after three months
|
| Initial level: | 12,134.4
|
| Coupon barrier level: | 9,100.8; 75% of initial level
|
| Trigger level: | 8,494.08; 70% of initial level
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 20
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.2%
|
| Cusip: | 06374V5Z5
|
|
|
© 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.
