Published on 9/26/2022 in the Prospect News Structured Products Daily.
New Issue: BMO prices $2.7 million contingent digital return buffer notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., Sept. 26 – Bank of Montreal priced $2.7 million of 0% contingent digital return buffer notes due Feb. 27, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s return is greater than or equal to its 85% buffer level, the payout at maturity will be par plus 28%.
Otherwise, investors will lose 1% for every 1% that the index declines below the buffer.
BMO Capital Markets is the agent.
Issuer: | Bank of Montreal
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Issue: | Contingent digital return buffer notes
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Underlying index: | S&P 500 index
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Amount: | $2,703,000
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Maturity: | Feb. 27, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index’s return is greater than or equal to buffer level, par plus 28%; otherwise, 1% loss for every 1% that the index declines below the buffer
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Initial level: | 4,057.66
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Principal buffer level: | 3,449.01; 85% of initial level
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agent: | BMO Capital Markets
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Fees: | 2.8%
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Cusip: | 06368GYF8
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