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Bank of Montreal to price market-linked notes on iShares MSCI EM ETF
By Devika Patel
Knoxville, Tenn., Dec. 14 – Bank of Montreal plans to price 0% contingent risk absolute return notes due Dec. 29, 2017 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund finishes above the initial level, the payout at maturity will be par plus the fund gain.
If the fund falls, but the fund level has never fallen below the barrier level during the life of the notes, the payout will be par plus the absolute value of the return, up to a maximum return of 27% to 31%. The barrier level is expected to fall between 69% and 73% of the initial fund level and will be set at pricing along with the maximum return amount.
Otherwise, investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
The notes (Cusip: 06366R5Y7) will price on Dec. 23 and settle on Dec. 31.
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