Published on 1/19/2022 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.09 million callable notes with contingent coupon on CrowdStrike
By Kiku Steinfeld
Chicago, Jan. 19 – Bank of Montreal priced $1.09 million of callable notes with contingent coupons due Jan. 4, 2024 linked to the stock performance of CrowdStrike Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.4% if the stock closes at or above its coupon barrier, 62.5% of its initial level, on the related observation date.
The notes will be callable, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below 62.5% of its initial price, in which case investors will receive a number of shares equal to $1,000 divided by the stock’s initial level or, at the issuer’s option, the cash equivalent.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Callable notes with contingent coupons
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| Underlying stock: | CrowdStrike Holdings, Inc.
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| Amount: | $1,086,000
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| Maturity: | Jan. 4, 2024
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| Coupon: | 13.4%, payable quarterly if stock closes at or above its coupon barrier, 62.5% of its initial level, on observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless stock finishes below 62.5% of its initial level, in which case receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent
|
| Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
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| Initial level: | $206.87
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| Coupon barrier: | $129.29; 62.5% of initial level
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| Pricing date: | Dec. 29
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| Settlement date: | Jan. 3
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| Agent: | BMO Capital Markets
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| Fees: | 1.5%
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| Cusip: | 06369NAJ0
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