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Bank of Montreal plans contingent coupon barrier notes tied to S&P 500
By Susanna Moon
Chicago, May 7 - Bank of Montreal plans to price contingent coupon barrier notes due May 31, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the 80% trigger level on an observation date, the notes will pay a contingent coupon at an annualized rate of 6% for that period. Interest is payable semiannually.
If the index finishes at or above the trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
The notes will price on May 25 and settle on May 31.
The Cusip number is 06366RAZ8.
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