By Wendy Van Sickle
Columbus, Ohio, Aug. 5 – Bank of Montreal priced $2 million of 0% autocallable buffer enhanced return notes due Aug. 5, 2027 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 9% if the index closes at or above its initial level on Aug. 7, 2023.
The payout at maturity will be par plus 225% of any index gain.
Investors will receive par if the index falls by up to 20% and will lose 1% for each 1% that the level of the index decreases by more than 20%.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable buffer enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $2 million
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Maturity: | Aug. 5, 2027
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Coupon: | 0%
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Price: | Par
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Call: | On Aug. 7, 2023 at par plus 9% if index closes at or above initial level
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Payout at maturity: | Par plus 225% of any gain of the index; par if the index falls by up to 20%; otherwise, 1% loss for each 1% of index decline below 20%
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Initial index level: | 4,091.19
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Buffer level: | 3,272.95, 80% of initial level
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Pricing date: | Aug. 2
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Settlement date: | Aug. 5
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06368GZB6
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