By Kiku Steinfeld
Chicago, March 27 – Bank of Montreal priced $991,000 of autocallable reverse convertible notes with contingent coupons due June 18, 2021 linked to Nvidia Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 15.5% if the stock closes above its 57.5% coupon barrier on the observation date for that month.
The notes will be called at par if the stock closes above its initial share price on any observation date starting in September.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below its trigger level, 57.5% of the initial share price, in which case investors will receive a number of Nvidia shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable reverse convertible notes with contingent coupons
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| Underlying stock: | Nvidia Corp. (Symbol: NVDA)
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| Amount: | $991,000
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| Maturity: | June 18, 2021
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| Coupon: | 15.5%, payable monthly if stock closes above coupon barrier level on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless stock closes below initial level and ever closes below trigger level, in which case a number of shares equal to $1,000 divided by initial share price
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| Call: | At par if shares close above initial share price on any observation date starting in September
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| Initial level: | $240.84
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| Coupon barrier/trigger level: | $138.48, 57.5% of initial share price
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2.25%
|
| Cusip: | 06367WYC1
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