By Wendy Van Sickle
Columbus, Ohio, April 12 – Bank of Montreal priced $1.11 million of autocallable barrier notes with a contingent coupon due July 12, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon equal to 8% 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 after six months.
If the notes are not 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 lose 1% for each 1% decline of the index from its initial level.
BMO Capital Markets Corp. is the selling 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: | $1,105,000
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Maturity: | July 12, 2024
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Coupon: | 8% 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 the index finishes at or above trigger level, par plus final coupon; otherwise, investors will lose 1% for each 1% decline of index from its initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any quarterly observation date after six months
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Initial level: | 4,105.02
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Coupon barrier: | 2,873.51; 70% of initial level
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Trigger level: | 2,873.51; 70% of initial level
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Pricing date: | April 6
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Settlement date: | April 12
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.375%
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Cusip: | 06374VSQ0
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