[144] CrowdStrike Holdings, Inc. SEC Filing
Bank of Montreal (BMO) is issuing US$6.196 million of Senior Medium-Term Notes, Series K 鈥� Autocallable Barrier Notes with Contingent Coupons 鈥� linked to Lam Research Corp. (LRCX) common stock.
- Contingent Coupon: 1.1925% monthly (鈮�14.31% p.a.) paid only if LRCX closes 鈮� Coupon Barrier (67% of Initial Level, $65.12) on the relevant Observation Date.
- Automatic Redemption: Starting 30-Dec-2025, if LRCX closes > Initial Level on any Observation Date, the note is redeemed at par plus the coupon; no further payments occur.
- Maturity / Principal Risk: 03-Aug-2026. If not called and LRCX closes < Trigger Level (67% of Initial), investors lose 1% of principal for every 1% decline (down to zero). If LRCX stays 鈮� Trigger Level, principal is returned.
- Issue Economics: Price to public 100%; estimated initial value $972.97 (鈮�97.3% of face) reflecting embedded fees/hedging. Agent鈥檚 commission 2.15%.
- Denomination & Liquidity: $1,000 minimum. Unlisted; secondary market, if any, only through BMOCM. Value sensitive to BMO credit spreads and market volatility.
- Credit & Tax: Unsecured BMO obligation; subject to BMO credit risk and complex U.S. tax treatment (pre-paid contingent income-bearing derivative).
The product targets investors seeking high conditional income and limited downside buffer, willing to forego upside above coupons, accept potential principal loss below a 33% decline, and tolerate issuer credit and liquidity risks.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Note Autocallable con Barriera e Cedole Contingenti 鈥� collegate alle azioni ordinarie di Lam Research Corp. (LRCX).
- Cedola Contingente: 1,1925% mensile (circa 14,31% annuo), pagata solo se LRCX chiude 鈮� Barriera Cedola (67% del Livello Iniziale, 65,12$) nella data di osservazione rilevante.
- Riscatto Automatico: Dal 30-dic-2025, se LRCX chiude > Livello Iniziale in una qualsiasi data di osservazione, la nota viene rimborsata a valore nominale pi霉 la cedola; non sono previsti ulteriori pagamenti.
- Scadenza / Rischio sul Capitale: 03-ago-2026. Se non richiamata e LRCX chiude < Livello di Attivazione (67% del Livello Iniziale), gli investitori perdono l'1% del capitale per ogni 1% di calo (fino a zero). Se LRCX resta 鈮� Livello di Attivazione, il capitale 猫 restituito.
- Economia dell鈥橢missione: Prezzo al pubblico 100%; valore iniziale stimato 972,97$ (circa 97,3% del valore nominale) che riflette commissioni incorporate e coperture. Commissione dell鈥檃gente 2,15%.
- Taglio e Liquidit脿: minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread creditizi di BMO e alla volatilit脿 di mercato.
- Credito e Fiscalit脿: Obbligazione non garantita di BMO; soggetta al rischio creditizio di BMO e a una complessa normativa fiscale statunitense (derivato prepagato con reddito contingente).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con un certo margine di protezione al ribasso, disposti a rinunciare a guadagni oltre le cedole, accettare una possibile perdita del capitale in caso di calo oltre il 33% e tollerare rischi di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) emite 6,196 millones de d贸lares estadounidenses en Senior Medium-Term Notes, Serie K 鈥� Notas Autocancelables con Barrera y Cupones Contingentes 鈥� vinculadas a las acciones ordinarias de Lam Research Corp. (LRCX).
- Cupon Contingente: 1.1925% mensual (aproximadamente 14.31% anual) pagado solo si LRCX cierra 鈮� Barrera del Cup贸n (67% del Nivel Inicial, 65.12$) en la fecha de observaci贸n correspondiente.
- Redenci贸n Autom谩tica: A partir del 30-dic-2025, si LRCX cierra > Nivel Inicial en cualquier fecha de observaci贸n, la nota se redime a valor nominal m谩s el cup贸n; no se realizan m谩s pagos.
- Vencimiento / Riesgo de Principal: 03-ago-2026. Si no es llamada y LRCX cierra < Nivel de Activaci贸n (67% del Inicial), los inversionistas pierden 1% del principal por cada 1% de ca铆da (hasta cero). Si LRCX se mantiene 鈮� Nivel de Activaci贸n, se devuelve el principal.
- Econom铆a de la Emisi贸n: Precio al p煤blico 100%; valor inicial estimado 972.97$ (aproximadamente 97.3% del valor nominal) reflejando comisiones y cobertura incorporadas. Comisi贸n del agente 2.15%.
- Denominaci贸n y Liquidez: m铆nimo 1,000$. No listado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los spreads crediticios de BMO y a la volatilidad del mercado.
- Cr茅dito y Fiscalidad: Obligaci贸n no garantizada de BMO; sujeta al riesgo crediticio de BMO y a un tratamiento fiscal complejo en EE.UU. (derivado prepagado con ingreso contingente).
El producto est谩 dirigido a inversionistas que buscan ingresos condicionales altos con un margen limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posible p茅rdida de principal ante una ca铆da superior al 33% y tolerar riesgos de cr茅dito del emisor y de liquidez.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚赌 6,196毵� 氙戈淡 雼煬 攴滊鞚� Senior Medium-Term Notes, K 鞁滊Μ歃� 鈥� 臁瓣贝攵� 炜犿彴鞚� 鞛堧姅 鞛愲彊 靸來櫂 氚半Μ鞏� 雲疙姼 鈥� 毳� Lam Research Corp.(LRCX) 氤错喌欤�鞐� 鞐瓣硠頃橃棳 氚滍枆頃╇媹雼�.
- 臁瓣贝攵� 炜犿彴: 鞗� 1.1925%(鞐� 鞎� 14.31%)搿�, 頃措嫻 甏�彀办澕鞐� LRCX 膦呹皜臧� 炜犿彴 氚半Μ鞏�(齑堦赴 靾橃鞚� 67%, 65.12雼煬) 鞚挫儊鞚� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟.
- 鞛愲彊 靸來櫂: 2025雲� 12鞗� 30鞚茧秬韯�, 甏�彀办澕鞐� LRCX 膦呹皜臧� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 鞗愱笀瓿� 炜犿彴鞚� 韽暔頃� 鞎‰┐臧�搿� 靸來櫂霅橂┌ 於旉皜 歆�旮夓澏� 鞐嗢姷雼堧嫟.
- 毵岅赴 氚� 鞗愱笀 鞙勴棙: 2026雲� 8鞗� 3鞚�. 靸來櫂霅橃 鞎婈碃 LRCX臧� 韸鸽Μ瓯� 霠堧波(齑堦赴 靾橃鞚� 67%) 氙鸽鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅 1% 頃橂澖 鞁滊雼� 鞗愱笀鞚� 1%毳� 鞛冴矊 霅橂┌(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟), 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀鞚� 氚橅櫂霅╇媹雼�.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 鞓堨儊 臧�旃� 972.97雼煬(鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿霅�. 雽�毽澑 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 1,000雼煬. 牍勳儊鞛�; 2彀� 鞁滌灔鞚� 臁挫灛頃� 瓴届毎 BMOCM鞚� 韱淀暣靹滊 瓯半灅 臧�電�. BMO 鞁犾毄 鞀ろ攧霠堧摐鞕� 鞁滌灔 氤�霃欖劚鞐� 氙缄皭.
- 鞁犾毄 氚� 靹戈笀: BMO鞚� 氍措嫶氤� 毂勲; BMO 鞁犾毄 鞙勴棙 氚� 氙戈淡 氤奠灐頃� 靹戈笀 觳橂Μ(靹犽秷 臁瓣贝攵� 靻岆摑 韺岇儩靸來拡) 雽�靸�.
鞚� 靸來拡鞚赌 雴掛澏� 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 氤错樃毳� 鞗愴晿電� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃橂┌, 炜犿彴 鞚挫儊 靾橃澋 韽赴, 33% 鞚挫儊 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙 臧愳垬 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Bank of Montreal (BMO) 茅尘别迟 6,196 millions de dollars US de Senior Medium-Term Notes, S茅rie K 鈥� Notes 脿 barri猫re autocallables avec coupons conditionnels 鈥� li茅es aux actions ordinaires de Lam Research Corp. (LRCX).
- Coupon Conditionnel : 1,1925% mensuel (environ 14,31% annuel) vers茅 uniquement si LRCX cl么ture 鈮� Barri猫re du Coupon (67% du Niveau Initial, 65,12$) 脿 la date d'observation concern茅e.
- Remboursement Automatique : 脌 partir du 30-d茅c-2025, si LRCX cl么ture > Niveau Initial 脿 une date d'observation, la note est rembours茅e au pair plus coupon ; aucun paiement ult茅rieur.
- 脡ch茅ance / Risque sur le Principal : 03-ao没t-2026. Si non rappel茅e et que LRCX cl么ture < Niveau de D茅clenchement (67% du Niveau Initial), les investisseurs perdent 1% du principal pour chaque baisse de 1% (jusqu'脿 z茅ro). Si LRCX reste 鈮� Niveau de D茅clenchement, le principal est rembours茅.
- Conditions d鈥櫭塵ission : Prix public 100 % ; valeur initiale estim茅e 972,97$ (environ 97,3 % de la valeur nominale) refl茅tant les frais et couvertures incorpor茅s. Commission de l鈥檃gent 2,15 %.
- Nominal & Liquidit茅 : minimum 1 000$. Non cot茅 ; march茅 secondaire, si existant, uniquement via BMOCM. Valeur sensible aux spreads de cr茅dit BMO et 脿 la volatilit茅 du march茅.
- Cr茅dit & Fiscalit茅 : Obligation non garantie de BMO ; soumise au risque de cr茅dit BMO et 脿 un traitement fiscal am茅ricain complexe (produit d茅riv茅 脿 revenu conditionnel pr茅pay茅).
Le produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une certaine protection 脿 la baisse, pr锚ts 脿 renoncer 脿 tout gain au-del脿 des coupons, 脿 accepter une perte potentielle du principal en cas de baisse sup茅rieure 脿 33 % et 脿 tol茅rer les risques de cr茅dit de l鈥櫭┏颈鸪賢eur et de liquidit茅.
Bank of Montreal (BMO) gibt 6,196 Millionen US-Dollar an Senior Medium-Term Notes, Serie K 鈥� Autokallbare Barrier Notes mit bedingten Coupons 鈥� aus, die an Stammaktien von Lam Research Corp. (LRCX) gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (ca. 14,31% p.a.), zahlbar nur, wenn LRCX am jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12$) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30.12.2025 wird die Note zur眉ckgezahlt zum Nennwert plus Coupon, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; danach keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03.08.2026. Wenn nicht vorzeitig zur眉ckgezahlt und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% des Kapitals pro 1% Kursverlust (bis auf Null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emissionsergebnis: Preis f眉r die 脰ffentlichkeit 100%; gesch盲tzter Anfangswert 972,97$ (ca. 97,3% des Nennwerts) inklusive Geb眉hren und Absicherungskosten. Agenturprovision 2,15%.
- Nennwert & Liquidit盲t: Mindestanlage 1.000$. Nicht b枚rsennotiert; Sekund盲rmarkt, falls vorhanden, nur 眉ber BMOCM. Wert sensitiv gegen眉ber BMO-Kreditspreads und Marktvolatilit盲t.
- Kredit & Steuer: Unbesicherte BMO-Verpflichtung; unterliegt BMO-Kreditrisiko und komplexer US-Steuerbehandlung (vorausbezahltes bedingtes einkommensgenerierendes Derivat).
Das Produkt richtet sich an Anleger, die ein hohes bedingtes Einkommen mit begrenztem Abw盲rtspuffer suchen, bereit sind auf Gewinne 眉ber die Coupons hinaus zu verzichten, potenzielle Kapitalverluste bei einem R眉ckgang von 眉ber 33% akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken tolerieren.
- Attractive contingent income: 1.1925% monthly coupon (鈮�14.31% p.a.) if performance conditions met.
- 33% downside buffer: Principal protected unless LRCX falls more than 33% at valuation date.
- Early autocall feature can return capital quickly if LRCX performs, reducing market exposure.
- Principal at risk: Any finish below the 67% trigger leads to proportional losses, potentially total loss.
- No participation in upside: Return capped at coupons; investors miss any equity appreciation beyond call level.
- Credit & liquidity risk: Unsecured BMO obligation; unlisted notes with limited secondary market and price transparency.
- Estimated value discount: Initial fair value 97.3% of par highlights embedded fees.
- Complex tax treatment and uncertain future IRS guidance for prepaid derivative contracts.
Insights
TL;DR: High 14.3% coupon offset by 33% downside buffer, no upside, credit and liquidity risks keep overall appeal neutral.
Income profile: The 1.1925% monthly coupon is attractive versus short-dated corporates, but entirely conditional on LRCX staying 鈮� $65.12. Volatility in semiconductor equities means missed coupons are plausible.
Redemption dynamics: Autocall at 100% Initial can shorten duration to six months, capping yield but limiting exposure period.
Risk/return trade-off: Investors absorb full equity downside beyond 鈭�33%, yet surrender upside beyond coupons. Simulation shows breakeven relative to par at maturity requires LRCX 鈮� Trigger; historically, LRCX has traded with 30-40% annualized volatility, implying non-trivial tail risk.
Issuer economics: 2.7-point OID plus 2.15% commission signal a sizeable structuring spread. Secondary values likely to start around 95-97% and drift lower absent favorable equity moves.
Credit overlay: Note holders rank pari passu with BMO senior debt; current BMO CDS ~60 bps, modest but still an added layer versus holding LRCX shares directly.
Verdict: Suitable for yield-seeking accounts comfortable with equity-linked notes; impact neutral given balanced reward and risk.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Note Autocallable con Barriera e Cedole Contingenti 鈥� collegate alle azioni ordinarie di Lam Research Corp. (LRCX).
- Cedola Contingente: 1,1925% mensile (circa 14,31% annuo), pagata solo se LRCX chiude 鈮� Barriera Cedola (67% del Livello Iniziale, 65,12$) nella data di osservazione rilevante.
- Riscatto Automatico: Dal 30-dic-2025, se LRCX chiude > Livello Iniziale in una qualsiasi data di osservazione, la nota viene rimborsata a valore nominale pi霉 la cedola; non sono previsti ulteriori pagamenti.
- Scadenza / Rischio sul Capitale: 03-ago-2026. Se non richiamata e LRCX chiude < Livello di Attivazione (67% del Livello Iniziale), gli investitori perdono l'1% del capitale per ogni 1% di calo (fino a zero). Se LRCX resta 鈮� Livello di Attivazione, il capitale 猫 restituito.
- Economia dell鈥橢missione: Prezzo al pubblico 100%; valore iniziale stimato 972,97$ (circa 97,3% del valore nominale) che riflette commissioni incorporate e coperture. Commissione dell鈥檃gente 2,15%.
- Taglio e Liquidit脿: minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread creditizi di BMO e alla volatilit脿 di mercato.
- Credito e Fiscalit脿: Obbligazione non garantita di BMO; soggetta al rischio creditizio di BMO e a una complessa normativa fiscale statunitense (derivato prepagato con reddito contingente).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con un certo margine di protezione al ribasso, disposti a rinunciare a guadagni oltre le cedole, accettare una possibile perdita del capitale in caso di calo oltre il 33% e tollerare rischi di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) emite 6,196 millones de d贸lares estadounidenses en Senior Medium-Term Notes, Serie K 鈥� Notas Autocancelables con Barrera y Cupones Contingentes 鈥� vinculadas a las acciones ordinarias de Lam Research Corp. (LRCX).
- Cupon Contingente: 1.1925% mensual (aproximadamente 14.31% anual) pagado solo si LRCX cierra 鈮� Barrera del Cup贸n (67% del Nivel Inicial, 65.12$) en la fecha de observaci贸n correspondiente.
- Redenci贸n Autom谩tica: A partir del 30-dic-2025, si LRCX cierra > Nivel Inicial en cualquier fecha de observaci贸n, la nota se redime a valor nominal m谩s el cup贸n; no se realizan m谩s pagos.
- Vencimiento / Riesgo de Principal: 03-ago-2026. Si no es llamada y LRCX cierra < Nivel de Activaci贸n (67% del Inicial), los inversionistas pierden 1% del principal por cada 1% de ca铆da (hasta cero). Si LRCX se mantiene 鈮� Nivel de Activaci贸n, se devuelve el principal.
- Econom铆a de la Emisi贸n: Precio al p煤blico 100%; valor inicial estimado 972.97$ (aproximadamente 97.3% del valor nominal) reflejando comisiones y cobertura incorporadas. Comisi贸n del agente 2.15%.
- Denominaci贸n y Liquidez: m铆nimo 1,000$. No listado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los spreads crediticios de BMO y a la volatilidad del mercado.
- Cr茅dito y Fiscalidad: Obligaci贸n no garantizada de BMO; sujeta al riesgo crediticio de BMO y a un tratamiento fiscal complejo en EE.UU. (derivado prepagado con ingreso contingente).
El producto est谩 dirigido a inversionistas que buscan ingresos condicionales altos con un margen limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posible p茅rdida de principal ante una ca铆da superior al 33% y tolerar riesgos de cr茅dito del emisor y de liquidez.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚赌 6,196毵� 氙戈淡 雼煬 攴滊鞚� Senior Medium-Term Notes, K 鞁滊Μ歃� 鈥� 臁瓣贝攵� 炜犿彴鞚� 鞛堧姅 鞛愲彊 靸來櫂 氚半Μ鞏� 雲疙姼 鈥� 毳� Lam Research Corp.(LRCX) 氤错喌欤�鞐� 鞐瓣硠頃橃棳 氚滍枆頃╇媹雼�.
- 臁瓣贝攵� 炜犿彴: 鞗� 1.1925%(鞐� 鞎� 14.31%)搿�, 頃措嫻 甏�彀办澕鞐� LRCX 膦呹皜臧� 炜犿彴 氚半Μ鞏�(齑堦赴 靾橃鞚� 67%, 65.12雼煬) 鞚挫儊鞚� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟.
- 鞛愲彊 靸來櫂: 2025雲� 12鞗� 30鞚茧秬韯�, 甏�彀办澕鞐� LRCX 膦呹皜臧� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 鞗愱笀瓿� 炜犿彴鞚� 韽暔頃� 鞎‰┐臧�搿� 靸來櫂霅橂┌ 於旉皜 歆�旮夓澏� 鞐嗢姷雼堧嫟.
- 毵岅赴 氚� 鞗愱笀 鞙勴棙: 2026雲� 8鞗� 3鞚�. 靸來櫂霅橃 鞎婈碃 LRCX臧� 韸鸽Μ瓯� 霠堧波(齑堦赴 靾橃鞚� 67%) 氙鸽鞙茧 毵堦皭頃橂┐, 韴瀽鞛愲姅 1% 頃橂澖 鞁滊雼� 鞗愱笀鞚� 1%毳� 鞛冴矊 霅橂┌(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟), 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀鞚� 氚橅櫂霅╇媹雼�.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 鞓堨儊 臧�旃� 972.97雼煬(鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿霅�. 雽�毽澑 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 1,000雼煬. 牍勳儊鞛�; 2彀� 鞁滌灔鞚� 臁挫灛頃� 瓴届毎 BMOCM鞚� 韱淀暣靹滊 瓯半灅 臧�電�. BMO 鞁犾毄 鞀ろ攧霠堧摐鞕� 鞁滌灔 氤�霃欖劚鞐� 氙缄皭.
- 鞁犾毄 氚� 靹戈笀: BMO鞚� 氍措嫶氤� 毂勲; BMO 鞁犾毄 鞙勴棙 氚� 氙戈淡 氤奠灐頃� 靹戈笀 觳橂Μ(靹犽秷 臁瓣贝攵� 靻岆摑 韺岇儩靸來拡) 雽�靸�.
鞚� 靸來拡鞚赌 雴掛澏� 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 氤错樃毳� 鞗愴晿電� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃橂┌, 炜犿彴 鞚挫儊 靾橃澋 韽赴, 33% 鞚挫儊 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙 臧愳垬 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Bank of Montreal (BMO) 茅尘别迟 6,196 millions de dollars US de Senior Medium-Term Notes, S茅rie K 鈥� Notes 脿 barri猫re autocallables avec coupons conditionnels 鈥� li茅es aux actions ordinaires de Lam Research Corp. (LRCX).
- Coupon Conditionnel : 1,1925% mensuel (environ 14,31% annuel) vers茅 uniquement si LRCX cl么ture 鈮� Barri猫re du Coupon (67% du Niveau Initial, 65,12$) 脿 la date d'observation concern茅e.
- Remboursement Automatique : 脌 partir du 30-d茅c-2025, si LRCX cl么ture > Niveau Initial 脿 une date d'observation, la note est rembours茅e au pair plus coupon ; aucun paiement ult茅rieur.
- 脡ch茅ance / Risque sur le Principal : 03-ao没t-2026. Si non rappel茅e et que LRCX cl么ture < Niveau de D茅clenchement (67% du Niveau Initial), les investisseurs perdent 1% du principal pour chaque baisse de 1% (jusqu'脿 z茅ro). Si LRCX reste 鈮� Niveau de D茅clenchement, le principal est rembours茅.
- Conditions d鈥櫭塵ission : Prix public 100 % ; valeur initiale estim茅e 972,97$ (environ 97,3 % de la valeur nominale) refl茅tant les frais et couvertures incorpor茅s. Commission de l鈥檃gent 2,15 %.
- Nominal & Liquidit茅 : minimum 1 000$. Non cot茅 ; march茅 secondaire, si existant, uniquement via BMOCM. Valeur sensible aux spreads de cr茅dit BMO et 脿 la volatilit茅 du march茅.
- Cr茅dit & Fiscalit茅 : Obligation non garantie de BMO ; soumise au risque de cr茅dit BMO et 脿 un traitement fiscal am茅ricain complexe (produit d茅riv茅 脿 revenu conditionnel pr茅pay茅).
Le produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une certaine protection 脿 la baisse, pr锚ts 脿 renoncer 脿 tout gain au-del脿 des coupons, 脿 accepter une perte potentielle du principal en cas de baisse sup茅rieure 脿 33 % et 脿 tol茅rer les risques de cr茅dit de l鈥櫭┏颈鸪賢eur et de liquidit茅.
Bank of Montreal (BMO) gibt 6,196 Millionen US-Dollar an Senior Medium-Term Notes, Serie K 鈥� Autokallbare Barrier Notes mit bedingten Coupons 鈥� aus, die an Stammaktien von Lam Research Corp. (LRCX) gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (ca. 14,31% p.a.), zahlbar nur, wenn LRCX am jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12$) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30.12.2025 wird die Note zur眉ckgezahlt zum Nennwert plus Coupon, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; danach keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03.08.2026. Wenn nicht vorzeitig zur眉ckgezahlt und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% des Kapitals pro 1% Kursverlust (bis auf Null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emissionsergebnis: Preis f眉r die 脰ffentlichkeit 100%; gesch盲tzter Anfangswert 972,97$ (ca. 97,3% des Nennwerts) inklusive Geb眉hren und Absicherungskosten. Agenturprovision 2,15%.
- Nennwert & Liquidit盲t: Mindestanlage 1.000$. Nicht b枚rsennotiert; Sekund盲rmarkt, falls vorhanden, nur 眉ber BMOCM. Wert sensitiv gegen眉ber BMO-Kreditspreads und Marktvolatilit盲t.
- Kredit & Steuer: Unbesicherte BMO-Verpflichtung; unterliegt BMO-Kreditrisiko und komplexer US-Steuerbehandlung (vorausbezahltes bedingtes einkommensgenerierendes Derivat).
Das Produkt richtet sich an Anleger, die ein hohes bedingtes Einkommen mit begrenztem Abw盲rtspuffer suchen, bereit sind auf Gewinne 眉ber die Coupons hinaus zu verzichten, potenzielle Kapitalverluste bei einem R眉ckgang von 眉ber 33% akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken tolerieren.
FAQ
What is the contingent interest rate on the BMO LRCX-linked notes?
When can the autocall feature trigger for these notes?
How much downside protection do investors have?
Are the notes listed on an exchange?
What is the estimated initial value compared with the issue price?
Do holders receive any Lam Research dividends?
What credit risk do investors assume?
