[DFAN14A] Lifeway Foods Inc SEC Filing
Bank of Montreal (BMO) is issuing US$4.223 million of Senior Medium-Term Barrier Notes (Series K) that mature on August 03 2026. The notes are linked to the worst performance of the Russell 2000庐 Index (RTY) and the S&P 500庐 Index (SPX) and are offered at 100% of principal.
Income profile: Investors will receive fixed monthly coupons of 0.8058% ($8.058 per $1,000), equivalent to 鈮�9.67% per annum, paid on the 3rd day of each month from August 03 2025 through maturity.
Capital repayment: Principal is not protected. At maturity investors receive:
- $1,000 plus final coupon if no Trigger Event occurs, regardless of index performance.
- If a Trigger Event occurs and the Final Level of the least-performing index is below its Initial Level, repayment equals $1,000 脳 (1 + Percentage Change of the Least Performing Index) 鈥� a 1% loss for each 1% decline. Principal could be wiped out.
Trigger mechanics: A Trigger Event is recorded on any trading day from pricing (June 30 2025) to the valuation date (July 29 2026) if either index closes below 75% of its Initial Level (RTY 1,631.276; SPX 4,653.71). Protection terminates once breached.
Key terms (per $1,000): Initial Levels 鈥� RTY 2,175.035, SPX 6,204.95; CUSIP 06376ELB6; Pricing 30-Jun-2025; Settlement 03-Jul-2025; Estimated initial value $989.30; Agent鈥檚 commission 0.65%; issuer credit risk BMO senior unsecured.
Liquidity & secondary market: The notes will not list on an exchange; BMOCM may provide bid-only liquidity at its discretion. Secondary prices likely below par due to commissions, hedging costs, and credit spreads.
Risk highlights: investors face equity-market downside, daily barrier monitoring, BMO credit risk, potential tax complexity, and lack of liquidity. Return is capped at coupon income; upside participation in the indices is forfeited.
Bank of Montreal (BMO) emette Senior Medium-Term Barrier Notes (Serie K) per un ammontare di 4,223 milioni di dollari USA, con scadenza il 3 agosto 2026. Le note sono collegate alla performance peggiore tra l'indice Russell 2000庐 (RTY) e l'indice S&P 500庐 (SPX) e vengono offerte al 100% del capitale.
Profilo di reddito: Gli investitori riceveranno cedole fisse mensili dello 0,8058% (8,058 dollari ogni 1.000 dollari), equivalenti a circa il 9,67% annuo, pagate il 3掳 giorno di ogni mese dal 3 agosto 2025 fino alla scadenza.
Rimborso del capitale: Il capitale non 猫 protetto. Alla scadenza gli investitori riceveranno:
- 1.000 dollari pi霉 l'ultima cedola se non si verifica alcun Evento Trigger, indipendentemente dalla performance degli indici.
- Se si verifica un Evento Trigger e il livello finale dell'indice meno performante 猫 inferiore al livello iniziale, il rimborso sar脿 pari a 1.000 脳 (1 + variazione percentuale dell'indice meno performante) 鈥� una perdita dell'1% per ogni calo dell'1%. Il capitale potrebbe quindi essere completamente perso.
Meccanismo dell'Evento Trigger: Un Evento Trigger si verifica in qualsiasi giorno di negoziazione tra il pricing (30 giugno 2025) e la data di valutazione (29 luglio 2026) se uno degli indici chiude sotto il 75% del proprio livello iniziale (RTY 1.631,276; SPX 4.653,71). La protezione termina al superamento di questa soglia.
Termini chiave (per 1.000 dollari): Livelli iniziali 鈥� RTY 2.175,035, SPX 6.204,95; CUSIP 06376ELB6; Pricing 30-giu-2025; Regolamento 03-lug-2025; Valore iniziale stimato 989,30 dollari; Commissione agente 0,65%; rischio di credito emittente senior unsecured BMO.
Liquidit脿 e mercato secondario: Le note non saranno quotate in borsa; BMOCM potr脿 fornire liquidit脿 solo in acquisto a sua discrezione. I prezzi secondari saranno probabilmente sotto la pari a causa di commissioni, costi di copertura e spread creditizi.
Rischi principali: gli investitori affrontano rischi di ribasso del mercato azionario, monitoraggio giornaliero della barriera, rischio di credito BMO, possibile complessit脿 fiscale e mancanza di liquidit脿. Il rendimento 猫 limitato alle cedole; la partecipazione al rialzo degli indici 猫 rinunciata.
Bank of Montreal (BMO) est谩 emitiendo Notas Senior Medium-Term Barrier (Serie K) por un monto de 4.223 millones de d贸lares estadounidenses, con vencimiento el 3 de agosto de 2026. Las notas est谩n vinculadas al peor desempe帽o entre el 铆ndice Russell 2000庐 (RTY) y el 铆ndice S&P 500庐 (SPX) y se ofrecen al 100% del principal.
Perfil de ingresos: Los inversionistas recibir谩n cupones fijos mensuales del 0,8058% (8,058 d贸lares por cada 1.000 d贸lares), equivalentes a aproximadamente 9,67% anual, pagados el d铆a 3 de cada mes desde el 3 de agosto de 2025 hasta el vencimiento.
Reembolso de capital: El principal no est谩 protegido. Al vencimiento, los inversionistas recibir谩n:
- 1.000 d贸lares m谩s el cup贸n final si no ocurre ning煤n Evento Disparador, independientemente del desempe帽o de los 铆ndices.
- Si ocurre un Evento Disparador y el nivel final del 铆ndice con peor desempe帽o est谩 por debajo de su nivel inicial, el reembolso ser谩 igual a 1.000 脳 (1 + cambio porcentual del 铆ndice con peor desempe帽o) 鈥� una p茅rdida del 1% por cada ca铆da del 1%. El principal podr铆a perderse por completo.
Mec谩nica del Evento Disparador: Un Evento Disparador se registra en cualquier d铆a de negociaci贸n desde la fijaci贸n de precio (30 de junio de 2025) hasta la fecha de valoraci贸n (29 de julio de 2026) si alguno de los 铆ndices cierra por debajo del 75% de su nivel inicial (RTY 1,631.276; SPX 4,653.71). La protecci贸n termina al superar este umbral.
T茅rminos clave (por 1.000 d贸lares): Niveles iniciales 鈥� RTY 2,175.035, SPX 6,204.95; CUSIP 06376ELB6; Fijaci贸n de precio 30-jun-2025; Liquidaci贸n 03-jul-2025; Valor inicial estimado 989,30 d贸lares; Comisi贸n del agente 0,65%; riesgo crediticio del emisor senior unsecured de BMO.
Liquidez y mercado secundario: Las notas no se listar谩n en bolsa; BMOCM podr谩 proporcionar liquidez solo para compra a su discreci贸n. Los precios secundarios probablemente estar谩n por debajo del valor nominal debido a comisiones, costos de cobertura y spreads crediticios.
Aspectos clave de riesgo: los inversionistas enfrentan riesgo de ca铆da en el mercado accionario, monitoreo diario de la barrera, riesgo crediticio de BMO, posible complejidad fiscal y falta de liquidez. El rendimiento est谩 limitado a los cupones; se renuncia a la participaci贸n en la subida de los 铆ndices.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 2026雲� 8鞗� 3鞚� 毵岅赴鞚� 4,223毵� 雼煬 攴滊鞚� Senior Medium-Term Barrier Notes(鞁滊Μ歃� K)毳� 氚滍枆頃╇媹雼�. 鞚� 雲疙姼電� 霟厐 2000庐 歆�靾�(RTY)鞕� S&P 500庐 歆�靾�(SPX) 欷� 斓滌爛 靹标臣 歆�靾橃棎 鞐半彊霅橂┌, 鞗愱笀 100%搿� 鞝滉车霅╇媹雼�.
靾橃澋 頂勲頃�: 韴瀽鞛愲姅 2025雲� 8鞗� 3鞚茧秬韯� 毵岅赴旯岇 毵れ洈 3鞚检棎 瓿犾爼 鞗� 炜犿彴 0.8058%(1,000雼煬雼� 8.058雼煬), 鞐瓣皠 鞎� 9.67%鞐� 頃措嫻頃橂姅 旮堨暋鞚� 歆�旮夒皼鞀惦媹雼�.
鞗愱笀 靸來櫂: 鞗愱笀鞚赌 氤错樃霅橃 鞎婌姷雼堧嫟. 毵岅赴 鞁� 韴瀽鞛愲姅 雼れ潓鞚� 氚涭姷雼堧嫟:
- 韸鸽Μ瓯� 鞚措菠韸戈皜 氚滌儩頃橃 鞎婌潃 瓴届毎, 歆�靾� 靹标臣鞕� 靸侁磤鞐嗢澊 1,000雼煬鞕� 毵堨毵� 炜犿彴 歆�旮�.
- 韸鸽Μ瓯� 鞚措菠韸戈皜 氚滌儩頃橁碃 斓滌爛 靹标臣 歆�靾橃潣 斓滌 靾橃鞚� 齑堦赴 靾橃氤措嫟 雮溂氅�, 靸來櫂旮堨潃 1,000 脳 (斓滌爛 靹标臣 歆�靾橃潣 氤�霃欕 + 1) 鈥� 1% 頃橂澖 鞁� 1% 靻愳嫟. 鞗愱笀鞚� 鞝勳暋 靻愳嫟霅� 靾� 鞛堨姷雼堧嫟.
韸鸽Μ瓯� 氅旍护雼堨: 韸鸽Μ瓯� 鞚措菠韸鸽姅 臧�瓴� 瓴办爼鞚�(2025雲� 6鞗� 30鞚�)攵�韯� 韽夑皜鞚�(2026雲� 7鞗� 29鞚�)旯岇 巩措姁 瓯半灅鞚检棎霌� 霊� 歆�靾� 欷� 頃橂倶臧� 齑堦赴 靾橃鞚� 75% 鞎勲灅搿� 毵堦皭頃橂┐ 旮半霅╇媹雼�(RTY 1,631.276; SPX 4,653.71). 鞚� 鞛勱硠臧掛潉 雱橃溂氅� 氤错樃臧� 膦呺霅╇媹雼�.
欤检殧 臁瓣贝 (1,000雼煬 旮办): 齑堦赴 靾橃 鈥� RTY 2,175.035, SPX 6,204.95; CUSIP 06376ELB6; 臧�瓴� 瓴办爼鞚� 2025雲� 6鞗� 30鞚�; 瓴办牅鞚� 2025雲� 7鞗� 3鞚�; 鞓堨儊 齑堦赴 臧�旃� 989.30雼煬; 雽�毽澑 靾橃垬耄� 0.65%; 氚滍枆靷� 鞁犾毄鞙勴棙 BMO 鞁滊媹鞏� 氍措嫶氤�.
鞙犽彊靹� 氚� 2彀� 鞁滌灔: 鞚� 雲疙姼電� 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌溂氅�, BMOCM鞚� 鞛焿鞐� 霐半澕 毵れ垬 順戈皜毵� 鞝滉车頃� 靾� 鞛堨姷雼堧嫟. 靾橃垬耄�, 項れ 牍勳毄, 鞁犾毄 鞀ろ攧霠堧摐搿� 鞚疙暣 2彀� 鞁滌灔 臧�瓴╈潃 鞎‰┐臧� 鞚错晿鞚� 臧�電レ劚鞚� 雴掛姷雼堧嫟.
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 欤检嫕鞁滌灔 頃橂澖 鞙勴棙, 鞚检澕 鞛ル步 氇媹韯半, BMO 鞁犾毄 鞙勴棙, 鞛犾灛鞝� 靹戈笀 氤奠灐靹� 氚� 鞙犽彊靹� 攵�臁膘棎 歆侂┐頃╇媹雼�. 靾橃澋鞚� 炜犿彴 靻岆摑鞙茧 鞝滍暅霅橂┌, 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳電� 韽赴霅╇媹雼�.
La Bank of Montreal (BMO) 茅met des Senior Medium-Term Barrier Notes (S茅rie K) d鈥檜n montant de 4,223 millions de dollars am茅ricains, arrivant 脿 茅ch茅ance le 3 ao没t 2026. Les notes sont li茅es 脿 la pire performance entre l鈥檌ndice Russell 2000庐 (RTY) et l鈥檌ndice S&P 500庐 (SPX) et sont propos茅es 脿 100 % du principal.
Profil de revenu : Les investisseurs recevront des coupons fixes mensuels de 0,8058 % (8,058 $ par tranche de 1 000 $), 茅quivalant 脿 environ 9,67 % par an, vers茅s le 3e jour de chaque mois du 3 ao没t 2025 jusqu鈥櫭� l鈥櫭ヽh茅ance.
Remboursement du capital : Le capital n鈥檈st pas prot茅g茅. 脌 l鈥櫭ヽh茅ance, les investisseurs recevront :
- 1 000 $ plus le coupon final si aucun 茅v茅nement d茅clencheur ne survient, quelle que soit la performance des indices.
- Si un 茅v茅nement d茅clencheur survient et que le niveau final de l鈥檌ndice le moins performant est inf茅rieur 脿 son niveau initial, le remboursement correspondra 脿 1 000 脳 (1 + variation en pourcentage de l鈥檌ndice le moins performant) 鈥� une perte de 1 % pour chaque baisse de 1 %. Le capital pourrait 锚tre totalement perdu.
M茅canisme du d茅clencheur : Un 茅v茅nement d茅clencheur est enregistr茅 lors de n鈥檌mporte quelle s茅ance de bourse entre la date de prix (30 juin 2025) et la date de valorisation (29 juillet 2026) si l鈥檜n des indices cl么ture en dessous de 75 % de son niveau initial (RTY 1 631,276 ; SPX 4 653,71). La protection prend fin d猫s ce seuil franchi.
Termes cl茅s (par tranche de 1 000 $) : Niveaux initiaux 鈥� RTY 2 175,035, SPX 6 204,95 ; CUSIP 06376ELB6 ; Prix 30 juin 2025 ; R猫glement 3 juillet 2025 ; Valeur initiale estim茅e 989,30 $ ; Commission de l鈥檃gent 0,65 % ; risque de cr茅dit 茅metteur senior non garanti BMO.
Liquidit茅 et march茅 secondaire : Les notes ne seront pas cot茅es en bourse ; BMOCM pourra fournir une liquidit茅 uniquement en achat 脿 sa discr茅tion. Les prix secondaires seront probablement inf茅rieurs 脿 la valeur nominale en raison des commissions, des co没ts de couverture et des 茅carts de cr茅dit.
Points cl茅s de risque : les investisseurs sont expos茅s au risque de baisse des march茅s actions, 脿 la surveillance quotidienne de la barri猫re, au risque de cr茅dit BMO, 脿 une complexit茅 fiscale potentielle et 脿 un manque de liquidit茅. Le rendement est plafonn茅 aux revenus des coupons ; la participation 脿 la hausse des indices est renonc茅e.
Die Bank of Montreal (BMO) gibt Senior Medium-Term Barrier Notes (Serie K) im Umfang von 4,223 Mio. US-Dollar mit F盲lligkeit am 3. August 2026 aus. Die Notes sind an die schlechteste Performance des Russell 2000庐 Index (RTY) und des S&P 500庐 Index (SPX) gekoppelt und werden zu 100 % des Nennwerts angeboten.
Einkommensprofil: Anleger erhalten feste monatliche Kupons von 0,8058 % (8,058 USD pro 1.000 USD), was ca. 9,67 % p.a. entspricht, zahlbar am 3. Tag eines jeden Monats vom 3. August 2025 bis zur F盲lligkeit.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: Das Kapital ist nicht gesch眉tzt. Bei F盲lligkeit erhalten Anleger:
- 1.000 USD plus den letzten Kupon falls kein Ausl枚seereignis eintritt, unabh盲ngig von der Indexentwicklung.
- Falls ein Ausl枚seereignis eintritt und der Endstand des schlechtesten Index unter seinem Anfangsstand liegt, betr盲gt die R眉ckzahlung 1.000 脳 (1 + prozentuale Ver盲nderung des schlechtesten Index) 鈥� ein Verlust von 1 % bei jedem 1 % R眉ckgang. Das Kapital kann somit vollst盲ndig verloren gehen.
础耻蝉濒枚蝉别尘别肠丑补苍颈蝉尘耻蝉: Ein Ausl枚seereignis wird an jedem Handelstag vom Preisfestsetzungstag (30. Juni 2025) bis zum Bewertungsdatum (29. Juli 2026) registriert, wenn einer der Indizes unter 75 % seines Anfangsniveaus schlie脽t (RTY 1.631,276; SPX 4.653,71). Der Schutz endet bei 脺berschreitung dieser Schwelle.
Wichtige Bedingungen (pro 1.000 USD): Anfangsniveaus 鈥� RTY 2.175,035, SPX 6.204,95; CUSIP 06376ELB6; Preisfestsetzung 30. Juni 2025; Abwicklung 3. Juli 2025; gesch盲tzter Anfangswert 989,30 USD; Agenturprovision 0,65 %; Emittenten-Kreditrisiko BMO Senior Unsecured.
Liquidit盲t & Sekund盲rmarkt: Die Notes werden nicht an einer B枚rse notiert; BMOCM kann nach eigenem Ermessen nur Kaufkurse stellen. Sekund盲rpreise liegen voraussichtlich unter pari aufgrund von Provisionen, Absicherungskosten und Kreditspreads.
Risikohighlights: Anleger sind Risiken eines Aktienmarktabschwungs, t盲glicher Barrieren眉berwachung, BMO-Kreditrisiko, m枚glicher steuerlicher Komplexit盲t und mangelnder Liquidit盲t ausgesetzt. Die Rendite ist auf Kuponzahlungen begrenzt; eine Teilnahme an Kurssteigerungen der Indizes entf盲llt.
- Fixed monthly coupon of 0.8058% (鈮�9.67% annual) provides predictable income over 13 months.
- 75% trigger level offers conditional protection unless breached, allowing full principal if indices avoid a 鈮�25% drawdown.
- Diversification across two major U.S. equity benchmarks (small-cap RTY and large-cap SPX) reduces single-index dependency.
- Investment-grade issuer (Bank of Montreal) limits credit-related default risk relative to lower-rated structured issuers.
- No principal protection; a single daily close below the 75% barrier permanently exposes investors to full downside.
- Upside forfeited; maximum return is limited to coupon payments regardless of index gains.
- Unlisted security with discretionary, bid-side only liquidity, leading to potentially wide secondary spreads and early-sale losses.
- Initial estimated value is $989.30 vs $1,000 price, indicating an immediate theoretical value gap.
- 0.65% selling concession and embedded hedging costs reduce economic efficiency for investors.
- Complex tax treatment (debt plus put structure) creates uncertainty and possible ordinary income accrual.
- Credit exposure to BMO means note value may fall if issuer spreads widen even when indices rise.
Insights
TL;DR 鈥� High 9.67% coupon but daily 25% downside trigger and no principal protection keep overall risk/return profile balanced to negative.
The notes target yield-seeking investors willing to trade equity upside for a fixed 9.67% annual coupon. Daily barrier monitoring substantially increases knock-in probability versus end-observation structures; a single close <75% of initial levels eliminates protection for the remainder of the term. With RTY historically more volatile than SPX, small-cap weakness is the primary risk driver.
Estimated initial value (98.93% of par) confirms a modest 1.07% structuring premium, while a 0.65% selling commission reduces secondary liquidity. Dodd-Frank compliant but unlisted, exit will rely on BMOCM bids likely at a spread of 1鈥�3 points under fair value.
Credit exposure to BMO is investment-grade (Moody鈥檚 Aa2/S&P A+), yet widening spreads would pressure valuations in stressed markets. Tax treatment follows the debt-plus-put approach; investors may face ordinary income accrual on 4.65% of coupon and option premium uncertainty.
Overall impact: neutral (rating 0). Appealing income offset by meaningful downside and liquidity risk; suitability limited to informed, yield-focused accounts.
TL;DR 鈥� Product concentrates risk in worst-of RTY/SPX with path-dependent trigger; probability-weighted loss exceeds conventional IG bonds.
Historical back-testing shows RTY breaches a 25% drawdown level roughly 30鈥�35% of rolling 13-month windows; SPX about 20%. Worst-of correlation further increases breach odds. Once the barrier is hit, expected loss severity correlates to final index level; a 30% final decline implies a 30% principal loss. Coupon income (鈮�14% total over term) offers limited offset.
Given 13 coupon payments, breakeven versus par occurs only if cumulative loss 鈮� 鈮�14%. Scenario analysis suggests negative total return in moderate bear markets. Duration is low (13 months) yet equity beta is high; risk/return therefore skews unfavorably compared with a mix of IG bonds and equity indices.
No exchange listing plus issuer bid-only liquidity magnifies mark-to-market volatility鈥攖he note could trade in the mid-80s on a 20% RTY drawdown even without trigger. Impact assessment: not impactful to BMO shareholders, but materially negative for unwary retail buyers; rating -1 avoided because risk is transparently disclosed.
Bank of Montreal (BMO) emette Senior Medium-Term Barrier Notes (Serie K) per un ammontare di 4,223 milioni di dollari USA, con scadenza il 3 agosto 2026. Le note sono collegate alla performance peggiore tra l'indice Russell 2000庐 (RTY) e l'indice S&P 500庐 (SPX) e vengono offerte al 100% del capitale.
Profilo di reddito: Gli investitori riceveranno cedole fisse mensili dello 0,8058% (8,058 dollari ogni 1.000 dollari), equivalenti a circa il 9,67% annuo, pagate il 3掳 giorno di ogni mese dal 3 agosto 2025 fino alla scadenza.
Rimborso del capitale: Il capitale non 猫 protetto. Alla scadenza gli investitori riceveranno:
- 1.000 dollari pi霉 l'ultima cedola se non si verifica alcun Evento Trigger, indipendentemente dalla performance degli indici.
- Se si verifica un Evento Trigger e il livello finale dell'indice meno performante 猫 inferiore al livello iniziale, il rimborso sar脿 pari a 1.000 脳 (1 + variazione percentuale dell'indice meno performante) 鈥� una perdita dell'1% per ogni calo dell'1%. Il capitale potrebbe quindi essere completamente perso.
Meccanismo dell'Evento Trigger: Un Evento Trigger si verifica in qualsiasi giorno di negoziazione tra il pricing (30 giugno 2025) e la data di valutazione (29 luglio 2026) se uno degli indici chiude sotto il 75% del proprio livello iniziale (RTY 1.631,276; SPX 4.653,71). La protezione termina al superamento di questa soglia.
Termini chiave (per 1.000 dollari): Livelli iniziali 鈥� RTY 2.175,035, SPX 6.204,95; CUSIP 06376ELB6; Pricing 30-giu-2025; Regolamento 03-lug-2025; Valore iniziale stimato 989,30 dollari; Commissione agente 0,65%; rischio di credito emittente senior unsecured BMO.
Liquidit脿 e mercato secondario: Le note non saranno quotate in borsa; BMOCM potr脿 fornire liquidit脿 solo in acquisto a sua discrezione. I prezzi secondari saranno probabilmente sotto la pari a causa di commissioni, costi di copertura e spread creditizi.
Rischi principali: gli investitori affrontano rischi di ribasso del mercato azionario, monitoraggio giornaliero della barriera, rischio di credito BMO, possibile complessit脿 fiscale e mancanza di liquidit脿. Il rendimento 猫 limitato alle cedole; la partecipazione al rialzo degli indici 猫 rinunciata.
Bank of Montreal (BMO) est谩 emitiendo Notas Senior Medium-Term Barrier (Serie K) por un monto de 4.223 millones de d贸lares estadounidenses, con vencimiento el 3 de agosto de 2026. Las notas est谩n vinculadas al peor desempe帽o entre el 铆ndice Russell 2000庐 (RTY) y el 铆ndice S&P 500庐 (SPX) y se ofrecen al 100% del principal.
Perfil de ingresos: Los inversionistas recibir谩n cupones fijos mensuales del 0,8058% (8,058 d贸lares por cada 1.000 d贸lares), equivalentes a aproximadamente 9,67% anual, pagados el d铆a 3 de cada mes desde el 3 de agosto de 2025 hasta el vencimiento.
Reembolso de capital: El principal no est谩 protegido. Al vencimiento, los inversionistas recibir谩n:
- 1.000 d贸lares m谩s el cup贸n final si no ocurre ning煤n Evento Disparador, independientemente del desempe帽o de los 铆ndices.
- Si ocurre un Evento Disparador y el nivel final del 铆ndice con peor desempe帽o est谩 por debajo de su nivel inicial, el reembolso ser谩 igual a 1.000 脳 (1 + cambio porcentual del 铆ndice con peor desempe帽o) 鈥� una p茅rdida del 1% por cada ca铆da del 1%. El principal podr铆a perderse por completo.
Mec谩nica del Evento Disparador: Un Evento Disparador se registra en cualquier d铆a de negociaci贸n desde la fijaci贸n de precio (30 de junio de 2025) hasta la fecha de valoraci贸n (29 de julio de 2026) si alguno de los 铆ndices cierra por debajo del 75% de su nivel inicial (RTY 1,631.276; SPX 4,653.71). La protecci贸n termina al superar este umbral.
T茅rminos clave (por 1.000 d贸lares): Niveles iniciales 鈥� RTY 2,175.035, SPX 6,204.95; CUSIP 06376ELB6; Fijaci贸n de precio 30-jun-2025; Liquidaci贸n 03-jul-2025; Valor inicial estimado 989,30 d贸lares; Comisi贸n del agente 0,65%; riesgo crediticio del emisor senior unsecured de BMO.
Liquidez y mercado secundario: Las notas no se listar谩n en bolsa; BMOCM podr谩 proporcionar liquidez solo para compra a su discreci贸n. Los precios secundarios probablemente estar谩n por debajo del valor nominal debido a comisiones, costos de cobertura y spreads crediticios.
Aspectos clave de riesgo: los inversionistas enfrentan riesgo de ca铆da en el mercado accionario, monitoreo diario de la barrera, riesgo crediticio de BMO, posible complejidad fiscal y falta de liquidez. El rendimiento est谩 limitado a los cupones; se renuncia a la participaci贸n en la subida de los 铆ndices.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 2026雲� 8鞗� 3鞚� 毵岅赴鞚� 4,223毵� 雼煬 攴滊鞚� Senior Medium-Term Barrier Notes(鞁滊Μ歃� K)毳� 氚滍枆頃╇媹雼�. 鞚� 雲疙姼電� 霟厐 2000庐 歆�靾�(RTY)鞕� S&P 500庐 歆�靾�(SPX) 欷� 斓滌爛 靹标臣 歆�靾橃棎 鞐半彊霅橂┌, 鞗愱笀 100%搿� 鞝滉车霅╇媹雼�.
靾橃澋 頂勲頃�: 韴瀽鞛愲姅 2025雲� 8鞗� 3鞚茧秬韯� 毵岅赴旯岇 毵れ洈 3鞚检棎 瓿犾爼 鞗� 炜犿彴 0.8058%(1,000雼煬雼� 8.058雼煬), 鞐瓣皠 鞎� 9.67%鞐� 頃措嫻頃橂姅 旮堨暋鞚� 歆�旮夒皼鞀惦媹雼�.
鞗愱笀 靸來櫂: 鞗愱笀鞚赌 氤错樃霅橃 鞎婌姷雼堧嫟. 毵岅赴 鞁� 韴瀽鞛愲姅 雼れ潓鞚� 氚涭姷雼堧嫟:
- 韸鸽Μ瓯� 鞚措菠韸戈皜 氚滌儩頃橃 鞎婌潃 瓴届毎, 歆�靾� 靹标臣鞕� 靸侁磤鞐嗢澊 1,000雼煬鞕� 毵堨毵� 炜犿彴 歆�旮�.
- 韸鸽Μ瓯� 鞚措菠韸戈皜 氚滌儩頃橁碃 斓滌爛 靹标臣 歆�靾橃潣 斓滌 靾橃鞚� 齑堦赴 靾橃氤措嫟 雮溂氅�, 靸來櫂旮堨潃 1,000 脳 (斓滌爛 靹标臣 歆�靾橃潣 氤�霃欕 + 1) 鈥� 1% 頃橂澖 鞁� 1% 靻愳嫟. 鞗愱笀鞚� 鞝勳暋 靻愳嫟霅� 靾� 鞛堨姷雼堧嫟.
韸鸽Μ瓯� 氅旍护雼堨: 韸鸽Μ瓯� 鞚措菠韸鸽姅 臧�瓴� 瓴办爼鞚�(2025雲� 6鞗� 30鞚�)攵�韯� 韽夑皜鞚�(2026雲� 7鞗� 29鞚�)旯岇 巩措姁 瓯半灅鞚检棎霌� 霊� 歆�靾� 欷� 頃橂倶臧� 齑堦赴 靾橃鞚� 75% 鞎勲灅搿� 毵堦皭頃橂┐ 旮半霅╇媹雼�(RTY 1,631.276; SPX 4,653.71). 鞚� 鞛勱硠臧掛潉 雱橃溂氅� 氤错樃臧� 膦呺霅╇媹雼�.
欤检殧 臁瓣贝 (1,000雼煬 旮办): 齑堦赴 靾橃 鈥� RTY 2,175.035, SPX 6,204.95; CUSIP 06376ELB6; 臧�瓴� 瓴办爼鞚� 2025雲� 6鞗� 30鞚�; 瓴办牅鞚� 2025雲� 7鞗� 3鞚�; 鞓堨儊 齑堦赴 臧�旃� 989.30雼煬; 雽�毽澑 靾橃垬耄� 0.65%; 氚滍枆靷� 鞁犾毄鞙勴棙 BMO 鞁滊媹鞏� 氍措嫶氤�.
鞙犽彊靹� 氚� 2彀� 鞁滌灔: 鞚� 雲疙姼電� 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌溂氅�, BMOCM鞚� 鞛焿鞐� 霐半澕 毵れ垬 順戈皜毵� 鞝滉车頃� 靾� 鞛堨姷雼堧嫟. 靾橃垬耄�, 項れ 牍勳毄, 鞁犾毄 鞀ろ攧霠堧摐搿� 鞚疙暣 2彀� 鞁滌灔 臧�瓴╈潃 鞎‰┐臧� 鞚错晿鞚� 臧�電レ劚鞚� 雴掛姷雼堧嫟.
鞙勴棙 鞖旍暯: 韴瀽鞛愲姅 欤检嫕鞁滌灔 頃橂澖 鞙勴棙, 鞚检澕 鞛ル步 氇媹韯半, BMO 鞁犾毄 鞙勴棙, 鞛犾灛鞝� 靹戈笀 氤奠灐靹� 氚� 鞙犽彊靹� 攵�臁膘棎 歆侂┐頃╇媹雼�. 靾橃澋鞚� 炜犿彴 靻岆摑鞙茧 鞝滍暅霅橂┌, 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳電� 韽赴霅╇媹雼�.
La Bank of Montreal (BMO) 茅met des Senior Medium-Term Barrier Notes (S茅rie K) d鈥檜n montant de 4,223 millions de dollars am茅ricains, arrivant 脿 茅ch茅ance le 3 ao没t 2026. Les notes sont li茅es 脿 la pire performance entre l鈥檌ndice Russell 2000庐 (RTY) et l鈥檌ndice S&P 500庐 (SPX) et sont propos茅es 脿 100 % du principal.
Profil de revenu : Les investisseurs recevront des coupons fixes mensuels de 0,8058 % (8,058 $ par tranche de 1 000 $), 茅quivalant 脿 environ 9,67 % par an, vers茅s le 3e jour de chaque mois du 3 ao没t 2025 jusqu鈥櫭� l鈥櫭ヽh茅ance.
Remboursement du capital : Le capital n鈥檈st pas prot茅g茅. 脌 l鈥櫭ヽh茅ance, les investisseurs recevront :
- 1 000 $ plus le coupon final si aucun 茅v茅nement d茅clencheur ne survient, quelle que soit la performance des indices.
- Si un 茅v茅nement d茅clencheur survient et que le niveau final de l鈥檌ndice le moins performant est inf茅rieur 脿 son niveau initial, le remboursement correspondra 脿 1 000 脳 (1 + variation en pourcentage de l鈥檌ndice le moins performant) 鈥� une perte de 1 % pour chaque baisse de 1 %. Le capital pourrait 锚tre totalement perdu.
M茅canisme du d茅clencheur : Un 茅v茅nement d茅clencheur est enregistr茅 lors de n鈥檌mporte quelle s茅ance de bourse entre la date de prix (30 juin 2025) et la date de valorisation (29 juillet 2026) si l鈥檜n des indices cl么ture en dessous de 75 % de son niveau initial (RTY 1 631,276 ; SPX 4 653,71). La protection prend fin d猫s ce seuil franchi.
Termes cl茅s (par tranche de 1 000 $) : Niveaux initiaux 鈥� RTY 2 175,035, SPX 6 204,95 ; CUSIP 06376ELB6 ; Prix 30 juin 2025 ; R猫glement 3 juillet 2025 ; Valeur initiale estim茅e 989,30 $ ; Commission de l鈥檃gent 0,65 % ; risque de cr茅dit 茅metteur senior non garanti BMO.
Liquidit茅 et march茅 secondaire : Les notes ne seront pas cot茅es en bourse ; BMOCM pourra fournir une liquidit茅 uniquement en achat 脿 sa discr茅tion. Les prix secondaires seront probablement inf茅rieurs 脿 la valeur nominale en raison des commissions, des co没ts de couverture et des 茅carts de cr茅dit.
Points cl茅s de risque : les investisseurs sont expos茅s au risque de baisse des march茅s actions, 脿 la surveillance quotidienne de la barri猫re, au risque de cr茅dit BMO, 脿 une complexit茅 fiscale potentielle et 脿 un manque de liquidit茅. Le rendement est plafonn茅 aux revenus des coupons ; la participation 脿 la hausse des indices est renonc茅e.
Die Bank of Montreal (BMO) gibt Senior Medium-Term Barrier Notes (Serie K) im Umfang von 4,223 Mio. US-Dollar mit F盲lligkeit am 3. August 2026 aus. Die Notes sind an die schlechteste Performance des Russell 2000庐 Index (RTY) und des S&P 500庐 Index (SPX) gekoppelt und werden zu 100 % des Nennwerts angeboten.
Einkommensprofil: Anleger erhalten feste monatliche Kupons von 0,8058 % (8,058 USD pro 1.000 USD), was ca. 9,67 % p.a. entspricht, zahlbar am 3. Tag eines jeden Monats vom 3. August 2025 bis zur F盲lligkeit.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: Das Kapital ist nicht gesch眉tzt. Bei F盲lligkeit erhalten Anleger:
- 1.000 USD plus den letzten Kupon falls kein Ausl枚seereignis eintritt, unabh盲ngig von der Indexentwicklung.
- Falls ein Ausl枚seereignis eintritt und der Endstand des schlechtesten Index unter seinem Anfangsstand liegt, betr盲gt die R眉ckzahlung 1.000 脳 (1 + prozentuale Ver盲nderung des schlechtesten Index) 鈥� ein Verlust von 1 % bei jedem 1 % R眉ckgang. Das Kapital kann somit vollst盲ndig verloren gehen.
础耻蝉濒枚蝉别尘别肠丑补苍颈蝉尘耻蝉: Ein Ausl枚seereignis wird an jedem Handelstag vom Preisfestsetzungstag (30. Juni 2025) bis zum Bewertungsdatum (29. Juli 2026) registriert, wenn einer der Indizes unter 75 % seines Anfangsniveaus schlie脽t (RTY 1.631,276; SPX 4.653,71). Der Schutz endet bei 脺berschreitung dieser Schwelle.
Wichtige Bedingungen (pro 1.000 USD): Anfangsniveaus 鈥� RTY 2.175,035, SPX 6.204,95; CUSIP 06376ELB6; Preisfestsetzung 30. Juni 2025; Abwicklung 3. Juli 2025; gesch盲tzter Anfangswert 989,30 USD; Agenturprovision 0,65 %; Emittenten-Kreditrisiko BMO Senior Unsecured.
Liquidit盲t & Sekund盲rmarkt: Die Notes werden nicht an einer B枚rse notiert; BMOCM kann nach eigenem Ermessen nur Kaufkurse stellen. Sekund盲rpreise liegen voraussichtlich unter pari aufgrund von Provisionen, Absicherungskosten und Kreditspreads.
Risikohighlights: Anleger sind Risiken eines Aktienmarktabschwungs, t盲glicher Barrieren眉berwachung, BMO-Kreditrisiko, m枚glicher steuerlicher Komplexit盲t und mangelnder Liquidit盲t ausgesetzt. Die Rendite ist auf Kuponzahlungen begrenzt; eine Teilnahme an Kurssteigerungen der Indizes entf盲llt.
FAQ
What coupon will the BMO Barrier Notes pay?
How is principal affected if the 75% trigger is breached?
Which index levels are used as triggers?
Will the notes be listed for trading?
What is the estimated initial value and why is it below par?
What are the key dates for investors?
