[6-K] Globavend Holdings Limited Current Report (Foreign Issuer)
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 all'azione ordinaria 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, $65,12) alla data di osservazione pertinente.
- Rimborso Automatico: A partire dal 30-dic-2025, se LRCX chiude > livello iniziale in una qualsiasi data di osservazione, la nota viene rimborsata a valore nominale pi霉 la cedola; non sono previsti ulteriori pagamenti.
- Scadenza / Rischio sul Capitale: 03-ago-2026. Se non viene richiamata e LRCX chiude < livello di trigger (67% del livello iniziale), gli investitori perdono l'1% del capitale per ogni 1% di calo (fino a zero). Se LRCX rimane 鈮� livello di trigger, il capitale viene restituito.
- Economia dell鈥橢missione: Prezzo al pubblico 100%; valore iniziale stimato 972,97$ (circa 97,3% del valore nominale) che riflette commissioni e coperture incorporate. Commissione agente 2,15%.
- Taglio e Liquidit脿: minimo $1.000. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Il valore 猫 sensibile agli spread creditizi di BMO e alla volatilit脿 di mercato.
- Credito e Fiscalit脿: Obbligazione non garantita di BMO; soggetta al rischio di credito BMO e a una complessa normativa fiscale statunitense (derivato prepagato con cedole contingenti).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionale elevato con una certa protezione al ribasso, disposti a rinunciare a guadagni oltre le cedole, accettare una possibile perdita del capitale in caso di calo superiore al 33%, e tollerare i rischi di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Mediano Plazo, Serie K 鈥� Notas Autocancelables con Barrera y Cupones Contingentes 鈥� vinculadas a las acciones comunes de Lam Research Corp. (LRCX).
- Cup贸n Contingente: 1.1925% mensual (鈮�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: Desde el 30-dic-2025, si LRCX cierra > nivel inicial en cualquier fecha de observaci贸n, la nota se redime al valor nominal m谩s el cup贸n; no se realizan pagos adicionales.
- Vencimiento / Riesgo sobre el Principal: 03-ago-2026. Si no se llama y LRCX cierra < nivel de disparo (67% del inicial), los inversores pierden 1% del principal por cada 1% de ca铆da (hasta cero). Si LRCX se mantiene 鈮� nivel de disparo, se devuelve el principal.
- Econom铆a de la Emisi贸n: Precio al p煤blico 100%; valor inicial estimado $972.97 (鈮�97.3% del nominal) reflejando comisiones y cobertura incorporadas. Comisi贸n del agente 2.15%.
- Denominaci贸n y Liquidez: m铆nimo $1,000. No cotizado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los diferenciales crediticios de BMO y la volatilidad del mercado.
- Cr茅dito y Fiscalidad: Obligaci贸n no garantizada de BMO; sujeto al riesgo crediticio de BMO y a un tratamiento fiscal estadounidense complejo (derivado prepagado con ingresos contingentes).
El producto est谩 dirigido a inversores que buscan ingresos condicionales altos y una cierta protecci贸n a la baja, dispuestos a renunciar a ganancias superiores a 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� 6,196毵� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴毂勱秾, K 鞁滊Μ歃� 鈥� 鞛愲彊靸來櫂 氚半Μ鞏� 雲疙姼 氚� 臁瓣贝攵� 炜犿彴 鞐瓣硠 鈥� Lam Research Corp.(LRCX) 氤错喌欤�鞕� 鞐瓣硠頃橃棳 氚滍枆頃╇媹雼�.
- 臁瓣贝攵� 炜犿彴: 毵れ洈 1.1925% (鞐� 鞎� 14.31%) 歆�旮夒悩氅�, 頃措嫻 甏�旄§澕鞐� LRCX 膦呹皜臧� 炜犿彴 氚半Μ鞏�(齑堦赴 靾橃鞚� 67%, $65.12) 鞚挫儊鞚� 霑岆 歆�旮夒惄雼堧嫟.
- 鞛愲彊 靸來櫂: 2025雲� 12鞗� 30鞚茧秬韯�, 甏�旄§澕 欷� LRCX 膦呹皜臧� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 鞗愱笀瓿� 炜犿彴鞚� 靸來櫂頃橂┌ 鞚错泟 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 毵岅赴 / 鞗愱笀 鞙勴棙: 2026雲� 8鞗� 3鞚�. 鞛愲彊靸來櫂鞚� 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┐, 鞗愱笀鞐愳劀 頃橂澖韽� 1%雼� 1% 靻愳嫟 氚滌儩(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟 臧�電�). 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 鞝勳暋 靸來櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 於旍爼 臧�旃� $972.97 (鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 韽暔. 雽�毽澑 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 $1,000. 牍勳儊鞛�; 2彀� 鞁滌灔鞚� BMOCM鞚� 韱淀暣靹滊 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 鞙勴棙瓿� 氤奠灐頃� 氙戈淡 靹鸽矔(靹犽秷 臁瓣贝攵� 韺岇儩靸來拡) 鞝侅毄 雽�靸�.
鞚� 靸來拡鞚� 雴掛潃 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 鞕勳订鞚� 鞗愴晿電� 韴瀽鞛�, 炜犿彴 鞚挫儊鞚� 靸侅姽 靾橃澋 韽赴 臧�電レ瀽, 33% 鞚挫儊 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄鞛�, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愳垬頃� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 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 (鈮�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鈥檕bservation concern茅e.
- Remboursement Automatique : 脌 partir du 30 d茅c. 2025, si LRCX cl么ture > niveau initial 脿 une date d鈥檕bservation, la note est rembours茅e au pair plus le coupon ; aucun paiement ult茅rieur.
- 脡ch茅ance / Risque sur le Capital : 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 capital pour chaque baisse de 1% (jusqu鈥櫭� z茅ro). Si LRCX reste 鈮� niveau de d茅clenchement, le capital est rembours茅.
- 脡conomie de l鈥櫭塵ission : Prix public 100 % ; valeur initiale estim茅e 972,97 $ (鈮�97,3 % de la valeur nominale) refl茅tant frais et couverture int茅gr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 ; expos茅e au risque de cr茅dit BMO et 脿 une fiscalit茅 am茅ricaine complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Le produit cible les investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer 脿 une hausse au-del脿 des coupons, acceptant une perte possible du capital en cas de baisse sup茅rieure 脿 33 %, et tol茅rant 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 Senior Medium-Term Notes, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� aus, die an Lam Research Corp. (LRCX) Stammaktien gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX an dem jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, $65,12) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30. Dezember 2025, wenn LRCX an einem Beobachtungstag 眉ber dem Anfangsniveau schlie脽t, wird die Note zum Nennwert plus Coupon zur眉ckgezahlt; keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03. August 2026. Wenn nicht vorzeitig zur眉ckgezahlt und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% des Kapitals f眉r jeden 1% Kursverlust (bis auf Null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emissionskonditionen: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert 972,97$ (鈮�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 abh盲ngig von BMO-Kreditspreads und Marktvolatilit盲t.
- Kredit & Steuern: Unbesicherte BMO-Verbindlichkeit; unterliegt BMO-Kreditrisiko und komplexer US-Steuerregelung (vorausbezahltes derivat mit bedingtem Ertrag).
Das Produkt richtet sich an Anleger, die hohe bedingte Ertr盲ge mit begrenztem Abw盲rtsschutz suchen, bereit sind auf Gewinne 眉ber die Coupons hinaus zu verzichten, m枚gliche Kapitalverluste bei einem R眉ckgang 眉ber 33% akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken eingehen.
- 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 all'azione ordinaria 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, $65,12) alla data di osservazione pertinente.
- Rimborso Automatico: A partire dal 30-dic-2025, se LRCX chiude > livello iniziale in una qualsiasi data di osservazione, la nota viene rimborsata a valore nominale pi霉 la cedola; non sono previsti ulteriori pagamenti.
- Scadenza / Rischio sul Capitale: 03-ago-2026. Se non viene richiamata e LRCX chiude < livello di trigger (67% del livello iniziale), gli investitori perdono l'1% del capitale per ogni 1% di calo (fino a zero). Se LRCX rimane 鈮� livello di trigger, il capitale viene restituito.
- Economia dell鈥橢missione: Prezzo al pubblico 100%; valore iniziale stimato 972,97$ (circa 97,3% del valore nominale) che riflette commissioni e coperture incorporate. Commissione agente 2,15%.
- Taglio e Liquidit脿: minimo $1.000. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Il valore 猫 sensibile agli spread creditizi di BMO e alla volatilit脿 di mercato.
- Credito e Fiscalit脿: Obbligazione non garantita di BMO; soggetta al rischio di credito BMO e a una complessa normativa fiscale statunitense (derivato prepagato con cedole contingenti).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionale elevato con una certa protezione al ribasso, disposti a rinunciare a guadagni oltre le cedole, accettare una possibile perdita del capitale in caso di calo superiore al 33%, e tollerare i rischi di credito dell鈥檈mittente e di liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Mediano Plazo, Serie K 鈥� Notas Autocancelables con Barrera y Cupones Contingentes 鈥� vinculadas a las acciones comunes de Lam Research Corp. (LRCX).
- Cup贸n Contingente: 1.1925% mensual (鈮�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: Desde el 30-dic-2025, si LRCX cierra > nivel inicial en cualquier fecha de observaci贸n, la nota se redime al valor nominal m谩s el cup贸n; no se realizan pagos adicionales.
- Vencimiento / Riesgo sobre el Principal: 03-ago-2026. Si no se llama y LRCX cierra < nivel de disparo (67% del inicial), los inversores pierden 1% del principal por cada 1% de ca铆da (hasta cero). Si LRCX se mantiene 鈮� nivel de disparo, se devuelve el principal.
- Econom铆a de la Emisi贸n: Precio al p煤blico 100%; valor inicial estimado $972.97 (鈮�97.3% del nominal) reflejando comisiones y cobertura incorporadas. Comisi贸n del agente 2.15%.
- Denominaci贸n y Liquidez: m铆nimo $1,000. No cotizado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los diferenciales crediticios de BMO y la volatilidad del mercado.
- Cr茅dito y Fiscalidad: Obligaci贸n no garantizada de BMO; sujeto al riesgo crediticio de BMO y a un tratamiento fiscal estadounidense complejo (derivado prepagado con ingresos contingentes).
El producto est谩 dirigido a inversores que buscan ingresos condicionales altos y una cierta protecci贸n a la baja, dispuestos a renunciar a ganancias superiores a 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� 6,196毵� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴毂勱秾, K 鞁滊Μ歃� 鈥� 鞛愲彊靸來櫂 氚半Μ鞏� 雲疙姼 氚� 臁瓣贝攵� 炜犿彴 鞐瓣硠 鈥� Lam Research Corp.(LRCX) 氤错喌欤�鞕� 鞐瓣硠頃橃棳 氚滍枆頃╇媹雼�.
- 臁瓣贝攵� 炜犿彴: 毵れ洈 1.1925% (鞐� 鞎� 14.31%) 歆�旮夒悩氅�, 頃措嫻 甏�旄§澕鞐� LRCX 膦呹皜臧� 炜犿彴 氚半Μ鞏�(齑堦赴 靾橃鞚� 67%, $65.12) 鞚挫儊鞚� 霑岆 歆�旮夒惄雼堧嫟.
- 鞛愲彊 靸來櫂: 2025雲� 12鞗� 30鞚茧秬韯�, 甏�旄§澕 欷� LRCX 膦呹皜臧� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 鞗愱笀瓿� 炜犿彴鞚� 靸來櫂頃橂┌ 鞚错泟 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 毵岅赴 / 鞗愱笀 鞙勴棙: 2026雲� 8鞗� 3鞚�. 鞛愲彊靸來櫂鞚� 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┐, 鞗愱笀鞐愳劀 頃橂澖韽� 1%雼� 1% 靻愳嫟 氚滌儩(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟 臧�電�). 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 鞝勳暋 靸來櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 於旍爼 臧�旃� $972.97 (鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 韽暔. 雽�毽澑 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 $1,000. 牍勳儊鞛�; 2彀� 鞁滌灔鞚� BMOCM鞚� 韱淀暣靹滊 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 鞙勴棙瓿� 氤奠灐頃� 氙戈淡 靹鸽矔(靹犽秷 臁瓣贝攵� 韺岇儩靸來拡) 鞝侅毄 雽�靸�.
鞚� 靸來拡鞚� 雴掛潃 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 鞕勳订鞚� 鞗愴晿電� 韴瀽鞛�, 炜犿彴 鞚挫儊鞚� 靸侅姽 靾橃澋 韽赴 臧�電レ瀽, 33% 鞚挫儊 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄鞛�, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愳垬頃� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 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 (鈮�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鈥檕bservation concern茅e.
- Remboursement Automatique : 脌 partir du 30 d茅c. 2025, si LRCX cl么ture > niveau initial 脿 une date d鈥檕bservation, la note est rembours茅e au pair plus le coupon ; aucun paiement ult茅rieur.
- 脡ch茅ance / Risque sur le Capital : 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 capital pour chaque baisse de 1% (jusqu鈥櫭� z茅ro). Si LRCX reste 鈮� niveau de d茅clenchement, le capital est rembours茅.
- 脡conomie de l鈥櫭塵ission : Prix public 100 % ; valeur initiale estim茅e 972,97 $ (鈮�97,3 % de la valeur nominale) refl茅tant frais et couverture int茅gr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 ; expos茅e au risque de cr茅dit BMO et 脿 une fiscalit茅 am茅ricaine complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Le produit cible les investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer 脿 une hausse au-del脿 des coupons, acceptant une perte possible du capital en cas de baisse sup茅rieure 脿 33 %, et tol茅rant 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 Senior Medium-Term Notes, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� aus, die an Lam Research Corp. (LRCX) Stammaktien gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX an dem jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, $65,12) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30. Dezember 2025, wenn LRCX an einem Beobachtungstag 眉ber dem Anfangsniveau schlie脽t, wird die Note zum Nennwert plus Coupon zur眉ckgezahlt; keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03. August 2026. Wenn nicht vorzeitig zur眉ckgezahlt und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% des Kapitals f眉r jeden 1% Kursverlust (bis auf Null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emissionskonditionen: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert 972,97$ (鈮�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 abh盲ngig von BMO-Kreditspreads und Marktvolatilit盲t.
- Kredit & Steuern: Unbesicherte BMO-Verbindlichkeit; unterliegt BMO-Kreditrisiko und komplexer US-Steuerregelung (vorausbezahltes derivat mit bedingtem Ertrag).
Das Produkt richtet sich an Anleger, die hohe bedingte Ertr盲ge mit begrenztem Abw盲rtsschutz suchen, bereit sind auf Gewinne 眉ber die Coupons hinaus zu verzichten, m枚gliche Kapitalverluste bei einem R眉ckgang 眉ber 33% akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken eingehen.
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?
