By William Gullotti
Buffalo, N.Y., Feb. 6 – Bank of Montreal priced $1.68 million of autocallable barrier notes with contingent coupons due Jan. 29, 2027 linked to the common stock of ON Semiconductor Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 14.5% per year if the stock closes at or above its coupon barrier level, 60% of its initial price, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly observation date starting after six months.
If the notes are not called and the stock finishes at or above its 60% trigger price, the payout at maturity will be par plus the final coupon.
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: | Autocallable barrier notes with contingent coupons
|
| Underlying stock: | ON Semiconductor Corp.
|
| Amount: | $1.68 million
|
| Maturity: | Jan. 29, 2027
|
| Coupon: | 14.5% 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 finishes at or above its trigger price, par plus final coupon; otherwise, investors will lose 1% for each 1% decline of stock from its initial price
|
| Call: | At par plus contingent coupon if the stock closes at or above initial price on any quarterly observation date starting after six months
|
| Initial price: | $75.15
|
| Coupon barrier: | $45.09; 60% of initial price
|
| Trigger price: | $45.09; 60% of initial price
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 29
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 2.35%
|
| Cusip: | 06375MTT2
|
|
|
© 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.
