[144] VeriSign 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: $1,000 minimum. Unlisted; secondary market, if any, only through BMOCM. Value sensitive to BMO credit spreads and market volatility.
- Credit & Tax: Unsecured BMO obligation; subject to BMO credit risk and complex U.S. tax treatment (pre-paid contingent income-bearing derivative).
The product targets investors seeking high conditional income and limited downside buffer, willing to forego upside above coupons, accept potential principal loss below a 33% decline, and tolerate issuer credit and liquidity risks.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Obbligazioni Autocallable con Coupon Contingenti 鈥� collegate al titolo azionario ordinario di Lam Research Corp. (LRCX).
- Coupon Contingente: 1,1925% mensile (circa 14,31% annuo), pagato solo se LRCX chiude 鈮� Barriera del Coupon (67% del livello iniziale, 65,12$) nella data di osservazione pertinente.
- Rimborso Automatico: A partire dal 30-dic-2025, se LRCX chiude > livello iniziale in una qualsiasi data di osservazione, l鈥檕bbligazione viene rimborsata a valore nominale pi霉 il coupon; non si effettuano ulteriori pagamenti.
- Scadenza / Rischio di 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 e coperture incorporate. Commissione agente 2,15%.
- Taglio e Liquidit脿: minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread creditizi 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 tassazione statunitense (derivato prepagato con reddito condizionato).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con un buffer limitato al ribasso, disposti a rinunciare a guadagni superiori ai coupon, accettare una possibile perdita di capitale in caso di calo superiore al 33% e tollerare rischi di credito emittente e di liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Medio Plazo, Serie K 鈥� Notas con Barrera Autollamables y Cupones Contingentes 鈥� vinculadas a la acci贸n com煤n 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 valor nominal 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 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 (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 lo hay, 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 Fiscal: 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 con un buffer limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posible p茅rdida de principal si la ca铆da supera el 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 氙疙檾 619毵� 6觳� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴 毂勱秾 鞁滊Μ歃� K 鈥� 鞛愲彊靸來櫂 氚半Μ鞏� 雲疙姼 氚� 臁瓣贝攵� 炜犿彴鞚� 韽暔霅� 靸來拡 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� 14.31% 靸侂嫻), 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) 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�彀办澕 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� 靸來櫂霅橃柎 於旉皜 歆�旮夓澏� 鞐嗢姷雼堧嫟.
- 毵岅赴 / 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%) 鞎勲灅搿� 毵堦皭頃橂┐ 1% 頃橂澖頃� 霑岆雼� 鞗愱笀 1% 靻愳嫟(斓滊寑 0鞗�). 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 氚橅櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 鞓堨儊 臧�旃� $972.97(鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 氚橃榿. 欷戧皽鞚� 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 $1,000. 牍勳儊鞛�; 2彀� 鞁滌灔鞚赌 BMOCM鞚� 韱淀暣靹滊 臧�電�. BMO 鞁犾毄 鞀ろ攧霠堧摐 氚� 鞁滌灔 氤�霃欖劚鞐� 氙缄皭.
- 鞁犾毄 氚� 靹戈笀: 氍措嫶氤� BMO 毂勲; BMO 鞁犾毄 鞙勴棙 氚� 氤奠灐頃� 氙戈淡 靹戈笀 觳橂Μ(靹犽秷 臁瓣贝攵� 靾橃澋 韺岇儩靸來拡) 雽�靸�.
鞚� 靸來拡鞚赌 雴掛澏� 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 氤错樃毳� 鞗愴晿電� 韴瀽鞛�, 炜犿彴 鞚挫儊鞚� 靸侅姽 鞚挫澋 韽赴 臧�電レ瀽, 33% 鞚错晿 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄 臧�電レ瀽, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愲偞頃� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Bank of Montreal (BMO) 茅尘别迟 6,196 millions de dollars US de Senior Medium-Term Notes, S茅rie K 鈥� Notes 脿 Barri猫re Autocallables avec Coupons Conditionnels 鈥� li茅es aux actions ordinaires de Lam Research Corp. (LRCX).
- Coupon Conditionnel : 1,1925% mensuel (鈮�14,31% annuel), vers茅 uniquement si LRCX cl么ture 鈮� Barri猫re du Coupon (67% du niveau initial, 65,12$) 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 suppl茅mentaire n鈥檃 lieu.
- 脡ch茅ance / Risque de 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鈥櫭� z茅ro). Si LRCX reste 鈮� niveau de d茅clenchement, le principal 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 $. Non cot茅 ; march茅 secondaire, s鈥檌l existe, uniquement via BMOCM. Valeur sensible aux spreads de cr茅dit BMO et 脿 la volatilit茅 du march茅.
- Cr茅dit & Fiscalit茅 : Obligation non garantie de BMO ; soumis au risque de cr茅dit BMO et 脿 un traitement fiscal am茅ricain complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Ce produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer 脿 la hausse au-del脿 des coupons, acceptant une perte potentielle de principal en cas de baisse sup茅rieure 脿 33 %, et tol茅rant les risques de cr茅dit de l鈥櫭┏颈鸪賢eur et de liquidit茅.
Bank of Montreal (BMO) gibt 6,196 Millionen US-Dollar an Senior Medium-Term Notes, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� aus, die an Lam Research Corp. (LRCX) Stammaktien gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX am jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12$) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30.12.2025 wird die Note zur眉ckgezahlt, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; R眉ckzahlung erfolgt zum Nennwert plus Coupon, keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03.08.2026. Wenn nicht zur眉ckgerufen und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% Kapital pro 1% Kursverlust (bis auf null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emission Economics: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert $972,97 (鈮�97,3% des Nennwerts) inklusive eingebetteter Geb眉hren und Absicherungskosten. Agenturkommission 2,15%.
- Nennwert & Liquidit盲t: Mindestst眉ckelung 1.000$. 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 & Steuern: Ungesicherte 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 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� $65.12. Volatility in semiconductor equities means missed coupons are plausible.
Redemption dynamics: Autocall at 100% Initial can shorten duration to six months, capping yield but limiting exposure period.
Risk/return trade-off: Investors absorb full equity downside beyond 鈭�33%, yet surrender upside beyond coupons. Simulation shows breakeven relative to par at maturity requires LRCX 鈮� Trigger; historically, LRCX has traded with 30-40% annualized volatility, implying non-trivial tail risk.
Issuer economics: 2.7-point OID plus 2.15% commission signal a sizeable structuring spread. Secondary values likely to start around 95-97% and drift lower absent favorable equity moves.
Credit overlay: Note holders rank pari passu with BMO senior debt; current BMO CDS ~60 bps, modest but still an added layer versus holding LRCX shares directly.
Verdict: Suitable for yield-seeking accounts comfortable with equity-linked notes; impact neutral given balanced reward and risk.
Bank of Montreal (BMO) emette 6,196 milioni di dollari USA di Senior Medium-Term Notes, Serie K 鈥� Obbligazioni Autocallable con Coupon Contingenti 鈥� collegate al titolo azionario ordinario di Lam Research Corp. (LRCX).
- Coupon Contingente: 1,1925% mensile (circa 14,31% annuo), pagato solo se LRCX chiude 鈮� Barriera del Coupon (67% del livello iniziale, 65,12$) nella data di osservazione pertinente.
- Rimborso Automatico: A partire dal 30-dic-2025, se LRCX chiude > livello iniziale in una qualsiasi data di osservazione, l鈥檕bbligazione viene rimborsata a valore nominale pi霉 il coupon; non si effettuano ulteriori pagamenti.
- Scadenza / Rischio di 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 e coperture incorporate. Commissione agente 2,15%.
- Taglio e Liquidit脿: minimo 1.000$. Non quotato; mercato secondario, se presente, solo tramite BMOCM. Valore sensibile agli spread creditizi 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 tassazione statunitense (derivato prepagato con reddito condizionato).
Il prodotto 猫 rivolto a investitori che cercano un reddito condizionato elevato con un buffer limitato al ribasso, disposti a rinunciare a guadagni superiori ai coupon, accettare una possibile perdita di capitale in caso di calo superiore al 33% e tollerare rischi di credito emittente e di liquidit脿.
Bank of Montreal (BMO) est谩 emitiendo 6,196 millones de d贸lares estadounidenses en Notas Senior a Medio Plazo, Serie K 鈥� Notas con Barrera Autollamables y Cupones Contingentes 鈥� vinculadas a la acci贸n com煤n 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 valor nominal 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 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 (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 lo hay, 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 Fiscal: 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 con un buffer limitado a la baja, dispuestos a renunciar a ganancias por encima de los cupones, aceptar posible p茅rdida de principal si la ca铆da supera el 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 氙疙檾 619毵� 6觳� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴 毂勱秾 鞁滊Μ歃� K 鈥� 鞛愲彊靸來櫂 氚半Μ鞏� 雲疙姼 氚� 臁瓣贝攵� 炜犿彴鞚� 韽暔霅� 靸來拡 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� 14.31% 靸侂嫻), 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) 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�彀办澕 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� 靸來櫂霅橃柎 於旉皜 歆�旮夓澏� 鞐嗢姷雼堧嫟.
- 毵岅赴 / 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%) 鞎勲灅搿� 毵堦皭頃橂┐ 1% 頃橂澖頃� 霑岆雼� 鞗愱笀 1% 靻愳嫟(斓滊寑 0鞗�). 韸鸽Μ瓯� 霠堧波 鞚挫儊鞚措┐ 鞗愱笀 氚橅櫂.
- 氚滍枆 臁瓣贝: 瓿惦臧� 100%; 齑堦赴 鞓堨儊 臧�旃� $972.97(鞎‰┐臧�鞚� 鞎� 97.3%)搿� 靾橃垬耄� 氚� 項れ 牍勳毄 氚橃榿. 欷戧皽鞚� 靾橃垬耄� 2.15%.
- 鞎‰┐臧� 氚� 鞙犽彊靹�: 斓滌唽 $1,000. 牍勳儊鞛�; 2彀� 鞁滌灔鞚赌 BMOCM鞚� 韱淀暣靹滊 臧�電�. BMO 鞁犾毄 鞀ろ攧霠堧摐 氚� 鞁滌灔 氤�霃欖劚鞐� 氙缄皭.
- 鞁犾毄 氚� 靹戈笀: 氍措嫶氤� BMO 毂勲; BMO 鞁犾毄 鞙勴棙 氚� 氤奠灐頃� 氙戈淡 靹戈笀 觳橂Μ(靹犽秷 臁瓣贝攵� 靾橃澋 韺岇儩靸來拡) 雽�靸�.
鞚� 靸來拡鞚赌 雴掛澏� 臁瓣贝攵� 靾橃澋瓿� 鞝滍暅霅� 頃橂澖 氤错樃毳� 鞗愴晿電� 韴瀽鞛�, 炜犿彴 鞚挫儊鞚� 靸侅姽 鞚挫澋 韽赴 臧�電レ瀽, 33% 鞚错晿 頃橂澖 鞁� 鞗愱笀 靻愳嫟 靾橃毄 臧�電レ瀽, 氚滍枆鞛� 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙鞚� 臧愲偞頃� 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Bank of Montreal (BMO) 茅尘别迟 6,196 millions de dollars US de Senior Medium-Term Notes, S茅rie K 鈥� Notes 脿 Barri猫re Autocallables avec Coupons Conditionnels 鈥� li茅es aux actions ordinaires de Lam Research Corp. (LRCX).
- Coupon Conditionnel : 1,1925% mensuel (鈮�14,31% annuel), vers茅 uniquement si LRCX cl么ture 鈮� Barri猫re du Coupon (67% du niveau initial, 65,12$) 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 suppl茅mentaire n鈥檃 lieu.
- 脡ch茅ance / Risque de 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鈥櫭� z茅ro). Si LRCX reste 鈮� niveau de d茅clenchement, le principal 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 $. Non cot茅 ; march茅 secondaire, s鈥檌l existe, uniquement via BMOCM. Valeur sensible aux spreads de cr茅dit BMO et 脿 la volatilit茅 du march茅.
- Cr茅dit & Fiscalit茅 : Obligation non garantie de BMO ; soumis au risque de cr茅dit BMO et 脿 un traitement fiscal am茅ricain complexe (produit d茅riv茅 pr茅pay茅 脿 revenu conditionnel).
Ce produit s鈥檃dresse aux investisseurs recherchant un revenu conditionnel 茅lev茅 avec une protection limit茅e 脿 la baisse, pr锚ts 脿 renoncer 脿 la hausse au-del脿 des coupons, acceptant une perte potentielle de principal en cas de baisse sup茅rieure 脿 33 %, et tol茅rant les risques de cr茅dit de l鈥櫭┏颈鸪賢eur et de liquidit茅.
Bank of Montreal (BMO) gibt 6,196 Millionen US-Dollar an Senior Medium-Term Notes, Serie K 鈥� Autocallable Barrier Notes mit bedingten Coupons 鈥� aus, die an Lam Research Corp. (LRCX) Stammaktien gekoppelt sind.
- Bedingter Coupon: 1,1925% monatlich (鈮�14,31% p.a.), zahlbar nur wenn LRCX am jeweiligen Beobachtungstag 鈮� Coupon-Barriere (67% des Anfangsniveaus, 65,12$) schlie脽t.
- Automatische R眉ckzahlung: Ab dem 30.12.2025 wird die Note zur眉ckgezahlt, wenn LRCX an einem Beobachtungstag > Anfangsniveau schlie脽t; R眉ckzahlung erfolgt zum Nennwert plus Coupon, keine weiteren Zahlungen.
- F盲lligkeit / Kapitalrisiko: 03.08.2026. Wenn nicht zur眉ckgerufen und LRCX unter dem Ausl枚selevel (67% des Anfangsniveaus) schlie脽t, verlieren Anleger 1% Kapital pro 1% Kursverlust (bis auf null). Bleibt LRCX 鈮� Ausl枚selevel, wird das Kapital zur眉ckgezahlt.
- Emission Economics: 脰ffentlicher Preis 100%; gesch盲tzter Anfangswert $972,97 (鈮�97,3% des Nennwerts) inklusive eingebetteter Geb眉hren und Absicherungskosten. Agenturkommission 2,15%.
- Nennwert & Liquidit盲t: Mindestst眉ckelung 1.000$. 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 & Steuern: Ungesicherte 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 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?
