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
Issue:	Bearish notes
Underlying index:	S&P 500 index
Amount:	$2.38 million
Maturity:	July 3, 2024
Coupon:	0%
Price:	Par
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%
Initial level:	3,665.78
Pricing date:	June 27
Settlement date:	June 30
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06374VYA8

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