[Form 4] International Business Machines Corporation Insider Trading Activity
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: $1,000 minimum. Unlisted; secondary market, if any, only through BMOCM. Value sensitive to BMO credit spreads and market volatility.
- Credit & Tax: Unsecured BMO obligation; subject to BMO credit risk and complex U.S. tax treatment (pre-paid contingent income-bearing derivative).
The product targets investors seeking high conditional income and limited downside buffer, willing to forego upside above coupons, accept potential principal loss below a 33% decline, and tolerate issuer credit and liquidity risks.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Note Autocallable con Coupon Contingenti e Barriera 鈥� collegate alle azioni ordinarie di Lam Research Corp. (LRCX).
- Coupon Contingente: 1,1925% mensile (circa 14,31% annuo) pagato solo se LRCX chiude 鈮� Barriera del Coupon (67% del livello iniziale, 65,12$) nella data di osservazione rilevante.
- Rimborso 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 coupon; 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鈥�1% del capitale per ogni 1% di calo (fino a zero). Se LRCX rimane 鈮� livello di attivazione, 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 incorporate e coperture. Commissione dell鈥檃gente 2,15%.
- Taglio e Liquidit脿: Minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread di credito BMO e alla volatilit脿 di mercato.
- Credito e Fiscale: Obbligazione non garantita di BMO; soggetta al rischio di credito BMO e a una complessa normativa fiscale USA (derivato prepagato a reddito contingente).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con una protezione limitata al ribasso, disposti a rinunciare a guadagni superiori ai coupon, accettare una possibile perdita sul capitale in caso di calo superiore al 33% e tollerare rischi di credito emittente e liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Mediano Plazo, Serie K 鈥� Notas con Barrera Autollamables y Cupones Contingentes 鈥� vinculadas a las acciones ordinarias de Lam Research Corp. (LRCX).
- Cup贸n Contingente: 1,1925% mensual (鈮�14,31% anual) pagado solo si LRCX cierra 鈮� Barrera del Cup贸n (67% del nivel inicial, 65,12$) 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 a la par m谩s el cup贸n; no se realizan pagos adicionales.
- Vencimiento / Riesgo de Principal: 03-ago-2026. Si no es llamada y LRCX cierra < nivel de activaci贸n (67% del inicial), los inversores pierden 1% del principal por cada 1% de ca铆da (hasta llegar a cero). Si LRCX permanece 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$ (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 listado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los spreads de cr茅dito de BMO y la volatilidad del mercado.
- Cr茅dito y Fiscal: Obligaci贸n no garantizada de BMO; sujeto a riesgo crediticio de BMO y tratamiento fiscal complejo en EE.UU. (derivado prepagado con ingreso contingente).
El producto est谩 dirigido a inversores que buscan altos ingresos condicionales con un amortiguador limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posibles p茅rdidas de principal ante ca铆das superiores 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)电� 6,196毵� 氙戈淡 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 攵�鞐� 雲疙姼毳� 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%) 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�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� 歆�旮夗晿氅� 雲疙姼臧� 靸來櫂霅橁碃 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� 毵岅赴. 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┐ 韴瀽鞛惖鐢 鞗愱笀 1%雼� 1%鞌� 靻愳嫟(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟) 氚滌儩. 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 鞝勳暋 氚橅櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 於旍爼 臧�旃� 972.97雼煬 (鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 韽暔. 欷戧皽 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� BMOCM鞚� 韱淀暅 瓯半灅毵� 臧�電ロ暊 靾� 鞛堨潓. BMO 鞁犾毄 鞀ろ攧霠堧摐 氚� 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� 氤奠灐頃� 氙戈淡 靹鸽矔(靹犽秷 臁瓣贝攵� 靾橃澋 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 氤错樃毳� 鞗愴晿电� 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 臧�電レ瀽, 氚滍枆靷� 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 (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 coupon ; aucun paiement suppl茅mentaire.
- 脡ch茅ance / Risque de Capital : 03 ao没t 2026. Si non rappel茅e et que LRCX cl么ture < niveau d茅clencheur (67% du niveau initial), les investisseurs perdent 1% du capital pour chaque 1% de baisse (jusqu鈥櫭� z茅ro). Si LRCX reste 鈮� niveau d茅clencheur, le capital est rembours茅.
- Conditions d鈥櫭﹎ission : Prix public 100 % ; valeur initiale estim茅e 972,97 $ (environ 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 茅carts 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 une fiscalit茅 am茅ricaine complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Le produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer aux gains au-del脿 des coupons, 脿 accepter une perte potentielle en capital en cas de baisse sup茅rieure 脿 33 % et 脿 tol茅rer les risques li茅s au cr茅dit de l鈥櫭┏颈鸪賢eur et 脿 la liquidit茅.
Bank of Montreal (BMO) gibt Senior Medium-Term Notes im Wert von 6,196 Millionen US-Dollar aus, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� verkn眉pft mit Stammaktien von Lam Research Corp. (LRCX).
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX am relevanten Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12 USD) schlie脽t.
- Automatische R眉ckzahlung: Ab 30. Dez. 2025 wird die Note zur眉ckgezahlt zum Nennwert plus Coupon, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03. Aug. 2026. Wird die Note nicht vorzeitig zur眉ckgezahlt und schlie脽t LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus), verlieren Investoren 1% des Kapitals pro 1% Kursverlust (bis auf Null). Liegt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- 贰尘颈蝉蝉颈辞苍蝉别谤濒枚蝉别: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert 972,97 USD (鈮�97,3% des Nennwerts), inklusive eingebetteter Geb眉hren und Absicherungskosten. Agenturkommission 2,15%.
- St眉ckelung & Liquidit盲t: Mindestzeichnung 1.000 USD. 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- & Steueraspekte: Unbesicherte Verbindlichkeit von BMO; unterliegt BMO-Kreditrisiko und komplexer US-Steuerbehandlung (vorausbezahltes, einkommensabh盲ngiges Derivat).
Das Produkt richtet sich an Anleger, die hohe bedingte Ertr盲ge mit begrenztem Abw盲rtsschutz suchen, bereit sind auf Kursgewinne 眉ber die Coupons hinaus zu verzichten, potenzielle Kapitalverluste bei mehr als 33% Kursr眉ckgang akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken in Kauf nehmen.
- 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� $65.12. Volatility in semiconductor equities means missed coupons are plausible.
Redemption dynamics: Autocall at 100% Initial can shorten duration to six months, capping yield but limiting exposure period.
Risk/return trade-off: Investors absorb full equity downside beyond 鈭�33%, yet surrender upside beyond coupons. Simulation shows breakeven relative to par at maturity requires LRCX 鈮� Trigger; historically, LRCX has traded with 30-40% annualized volatility, implying non-trivial tail risk.
Issuer economics: 2.7-point OID plus 2.15% commission signal a sizeable structuring spread. Secondary values likely to start around 95-97% and drift lower absent favorable equity moves.
Credit overlay: Note holders rank pari passu with BMO senior debt; current BMO CDS ~60 bps, modest but still an added layer versus holding LRCX shares directly.
Verdict: Suitable for yield-seeking accounts comfortable with equity-linked notes; impact neutral given balanced reward and risk.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Note Autocallable con Coupon Contingenti e Barriera 鈥� collegate alle azioni ordinarie di Lam Research Corp. (LRCX).
- Coupon Contingente: 1,1925% mensile (circa 14,31% annuo) pagato solo se LRCX chiude 鈮� Barriera del Coupon (67% del livello iniziale, 65,12$) nella data di osservazione rilevante.
- Rimborso 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 coupon; 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鈥�1% del capitale per ogni 1% di calo (fino a zero). Se LRCX rimane 鈮� livello di attivazione, 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 incorporate e coperture. Commissione dell鈥檃gente 2,15%.
- Taglio e Liquidit脿: Minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread di credito BMO e alla volatilit脿 di mercato.
- Credito e Fiscale: Obbligazione non garantita di BMO; soggetta al rischio di credito BMO e a una complessa normativa fiscale USA (derivato prepagato a reddito contingente).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con una protezione limitata al ribasso, disposti a rinunciare a guadagni superiori ai coupon, accettare una possibile perdita sul capitale in caso di calo superiore al 33% e tollerare rischi di credito emittente e liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Mediano Plazo, Serie K 鈥� Notas con Barrera Autollamables y Cupones Contingentes 鈥� vinculadas a las acciones ordinarias de Lam Research Corp. (LRCX).
- Cup贸n Contingente: 1,1925% mensual (鈮�14,31% anual) pagado solo si LRCX cierra 鈮� Barrera del Cup贸n (67% del nivel inicial, 65,12$) 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 a la par m谩s el cup贸n; no se realizan pagos adicionales.
- Vencimiento / Riesgo de Principal: 03-ago-2026. Si no es llamada y LRCX cierra < nivel de activaci贸n (67% del inicial), los inversores pierden 1% del principal por cada 1% de ca铆da (hasta llegar a cero). Si LRCX permanece 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$ (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 listado; mercado secundario, si existe, solo a trav茅s de BMOCM. Valor sensible a los spreads de cr茅dito de BMO y la volatilidad del mercado.
- Cr茅dito y Fiscal: Obligaci贸n no garantizada de BMO; sujeto a riesgo crediticio de BMO y tratamiento fiscal complejo en EE.UU. (derivado prepagado con ingreso contingente).
El producto est谩 dirigido a inversores que buscan altos ingresos condicionales con un amortiguador limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posibles p茅rdidas de principal ante ca铆das superiores 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)电� 6,196毵� 氙戈淡 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 攵�鞐� 雲疙姼毳� 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%) 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�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� 歆�旮夗晿氅� 雲疙姼臧� 靸來櫂霅橁碃 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� 毵岅赴. 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┐ 韴瀽鞛惖鐢 鞗愱笀 1%雼� 1%鞌� 靻愳嫟(斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟) 氚滌儩. 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 鞝勳暋 氚橅櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 於旍爼 臧�旃� 972.97雼煬 (鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 韽暔. 欷戧皽 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� BMOCM鞚� 韱淀暅 瓯半灅毵� 臧�電ロ暊 靾� 鞛堨潓. BMO 鞁犾毄 鞀ろ攧霠堧摐 氚� 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� 氤奠灐頃� 氙戈淡 靹鸽矔(靹犽秷 臁瓣贝攵� 靾橃澋 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 氤错樃毳� 鞗愴晿电� 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 臧�電レ瀽, 氚滍枆靷� 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 (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 coupon ; aucun paiement suppl茅mentaire.
- 脡ch茅ance / Risque de Capital : 03 ao没t 2026. Si non rappel茅e et que LRCX cl么ture < niveau d茅clencheur (67% du niveau initial), les investisseurs perdent 1% du capital pour chaque 1% de baisse (jusqu鈥櫭� z茅ro). Si LRCX reste 鈮� niveau d茅clencheur, le capital est rembours茅.
- Conditions d鈥櫭﹎ission : Prix public 100 % ; valeur initiale estim茅e 972,97 $ (environ 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 茅carts 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 une fiscalit茅 am茅ricaine complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Le produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer aux gains au-del脿 des coupons, 脿 accepter une perte potentielle en capital en cas de baisse sup茅rieure 脿 33 % et 脿 tol茅rer les risques li茅s au cr茅dit de l鈥櫭┏颈鸪賢eur et 脿 la liquidit茅.
Bank of Montreal (BMO) gibt Senior Medium-Term Notes im Wert von 6,196 Millionen US-Dollar aus, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� verkn眉pft mit Stammaktien von Lam Research Corp. (LRCX).
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX am relevanten Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12 USD) schlie脽t.
- Automatische R眉ckzahlung: Ab 30. Dez. 2025 wird die Note zur眉ckgezahlt zum Nennwert plus Coupon, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03. Aug. 2026. Wird die Note nicht vorzeitig zur眉ckgezahlt und schlie脽t LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus), verlieren Investoren 1% des Kapitals pro 1% Kursverlust (bis auf Null). Liegt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- 贰尘颈蝉蝉颈辞苍蝉别谤濒枚蝉别: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert 972,97 USD (鈮�97,3% des Nennwerts), inklusive eingebetteter Geb眉hren und Absicherungskosten. Agenturkommission 2,15%.
- St眉ckelung & Liquidit盲t: Mindestzeichnung 1.000 USD. 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- & Steueraspekte: Unbesicherte Verbindlichkeit von BMO; unterliegt BMO-Kreditrisiko und komplexer US-Steuerbehandlung (vorausbezahltes, einkommensabh盲ngiges Derivat).
Das Produkt richtet sich an Anleger, die hohe bedingte Ertr盲ge mit begrenztem Abw盲rtsschutz suchen, bereit sind auf Kursgewinne 眉ber die Coupons hinaus zu verzichten, potenzielle Kapitalverluste bei mehr als 33% Kursr眉ckgang akzeptieren und Emittenten-Kredit- sowie Liquidit盲tsrisiken in Kauf nehmen.
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?
