Published on 11/17/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.27 million leveraged market-linked notes on S&P 500 index
By Kiku Steinfeld
Chicago, Nov. 17 – Bank of Montreal priced $2.27 million of 0% market-linked notes with leveraged upside participation to a cap and fixed-percentage buffered downside exposure due Nov. 6, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 125% times any index gain, capped at $1,170 per $1,000 of notes. Investors will receive par if the index falls by up to 15% and will be exposed to losses in the index beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Bank of Montreal
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Issue: | Market-linked notes with leveraged upside participation to a cap and fixed-percentage buffered downside exposure
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Underlying index: | S&P 500 index
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Amount: | $2,265,000
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Maturity: | Nov. 6, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.25 times any index gain, capped at $1,170 per $1,000 of notes; par if index falls by up to 15%; exposure to losses beyond 15%
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Initial price: | 3,269.96
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Buffer level: | 2,779.466, 85% of initial level
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3.33%
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Cusip: | 06367W6T5
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