Published on 7/13/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $2.38 million bearish notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., July 13 – Bank of Montreal priced $2.38 million of 0% bearish notes due July 3, 2024 based on the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index finishes at or above its initial level, investors will lose 1% for every 1% gain in the index.
Investors will gain 3% for every 1% decline of the index, subject to a maximum payout of par plus 84%.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Bearish notes
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Underlying index: | S&P 500 index
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Amount: | $2.38 million
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Maturity: | July 3, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index finishes at or above its initial level, lose 1% for every 1% gain; otherwise, gain 3% for every 1% decline to a maximum payout of par plus 84%
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Initial level: | 3,665.78
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06374VYA8
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