By William Gullotti
Buffalo, N.Y., June 6 – Bank of Montreal priced $5 million of autocallable barrier notes with a contingent coupon due May 30, 2025 linked to the common index of S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 7.75% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be automatically redeemed at par plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date starting after six months.
If the notes have not been called and the index finishes at or above its 70% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the index from its initial level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier notes with contingent coupon
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Underlying index: | S&P 500 index
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Amount: | $5 million
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Maturity: | May 30, 2025
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Coupon: | 7.75% per year, payable quarterly if index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | If index finishes at or above trigger level, par plus final coupon; otherwise, full exposure to index decline from initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any observation date starting after six months
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Initial level: | 4,057.84
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Coupon barrier/trigger level: | 2,840.49; 70% of initial level
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Pricing date: | May 26
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Settlement date: | May 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.1%
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Cusip: | 06368GU88
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