Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $2.88 million contingent risk absolute return buffer notes on S&P
By Kiku Steinfeld
Chicago, Aug. 11 – Bank of Montreal priced $2.88 million of 0% contingent risk absolute return buffer notes due Feb. 27, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the initial level, the payout at maturity will be par plus the index gain, subject to a maximum return of par plus 20.45%.
If the index declines by no more than 25%, the payout will be par plus the absolute value of the index return.
Otherwise, investors will lose 1% for each 1% decline beyond 25%.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Contingent risk absolute return buffer notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $2,875,000
|
| Maturity: | Feb. 27, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any index gain, capped at par plus 20.45%; if index declines but finishes at or above the buffer, par plus absolute value of the return; otherwise, 1% loss per 1% decline beyond buffer
|
| Initial level: | 3,970.04
|
| Buffer level: | 2,977.53, 75% of initial level
|
| Pricing date: | Feb. 24, 2023
|
| Settlement date: | March 1, 2023
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 06374VPC4
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
