Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $50,000 buffer enhanced return notes linked to 10 stocks
By Angela McDaniels
Tacoma, Wash., March 14 – Bank of Montreal priced $50,000 of 0% buffer enhanced return notes due Sept. 30, 2024 linked to an equally weighted basket of 10 stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc. Schlumberger NV and Synopsys, Inc.
If the final basket level is greater than the initial basket level, the payout at maturity will be par plus 125% of the basket return, subject to a maximum return of 15%. If the basket declines by up to 15%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the basket declines beyond 15%.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Buffer enhanced return notes
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| Underlying stocks: | Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc. Schlumberger NV and Synopsys, Inc.
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| Amount: | $50,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final basket level is greater than initial basket level, par plus 125% of basket return, subject to maximum return of 15%; if basket declines by up to 15%, par; otherwise, 1% loss for every 1% that basket declines beyond 15%
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| Initial share prices: | $192.38 for Analog Devices, $82.24 for Amphenol, $90.19 for Edwards, $40.41 for Freeport-McMoRan, $330.02 for Intuitive, $476.93 for KLA, $539.96 for Service Now, $120.87 for Prologis, $48.14 for Schlumberger and $426.78 for Synopsys
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| Buffer level: | 85% of initial level
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2%
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| Cusip: | 06374VWC6
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