Published on 8/11/2022 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.51 million callable notes with contingent coupons on Blackstone
Chicago, Aug. 11 – Bank of Montreal priced $2.51 million of callable notes with contingent coupons due Dec. 27, 2023 linked to the stock performance of Blackstone Group 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 8% if the stock closes at or above its coupon barrier level, 60% 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 and the stock finishes at or above the 60% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the 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: | Blackstone Group Inc.
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Amount: | $2,511,000
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Maturity: | Dec. 27, 2023
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Coupon: | 8%, payable quarterly if stock closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | If the stock finishes at or above trigger level, par plus final coupon; otherwise, investors will receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent
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Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
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Initial level: | $123.42
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Coupon barrier level: | $74.05, 60% of initial level
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Trigger level: | $74.05, 60% of initial level
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Pricing date: | Dec. 21, 2021
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Settlement date: | Dec. 27, 2021
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Underwriter: | BMO Capital Markets
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Fees: | 1.75%
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Cusip: | 06369NAG6
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