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Correction: Bank of Montreal notes linked to SPDR Dow have 30% barrier
A story in the July 3 edition of the Prospect News Structured Products Daily incorrectly described the barrier for Bank of Montreal’s contingent risk absolute return notes linked to the SPDR Dow Jones industrial average exchange-traded fund. A corrected version of the story follows:
By Angela McDaniels
Tacoma, Wash., July 3 – Bank of Montreal plans to price 0% contingent risk absolute return notes due July 31, 2020 linked to the SPDR Dow Jones industrial average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus 105% of the ETF return.
If the ETF return is less than or equal to zero but not less than negative 30%, the payout will be par plus the absolute value of the ETF return.
If the ETF return is less than negative 30%, investors will be fully exposed to the ETF's decline.
BMO Capital Markets Corp. is the agent.
The notes are expected to price July 28 and settle July 31.
The Cusip number is 06366RUV5.
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