Published on 2/14/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.68 million digital return barrier notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., Feb. 14 – Bank of Montreal priced $1.68 million of 0% digital return barrier notes due July 31, 2024 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 80% barrier level, the payout at maturity will be par plus 17%.
Otherwise, investors will lose 1% for every 1% that the index declines from its initial level.
BMO Capital Markets is the agent.
Issuer: | Bank of Montreal
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Issue: | Digital return barrier notes
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Underlying index: | S&P 500 index
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Amount: | $1,684,000
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Maturity: | July 31, 2024
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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 barrier level, par plus 17%; otherwise, 1% loss for every 1% that the index declines from initial level
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Initial level: | 4,076.6
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Principal barrier level: | 3,261.28; 80% of initial level
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Pricing date: | Jan. 31
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Settlement date: | Feb. 3
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Agent: | BMO Capital Markets
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Fees: | 0.5803%
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Cusip: | 06374VJB3
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