Published on 8/21/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $971,000 absolute return notes with digital upside on S&P
Chicago, Aug. 21 – Bank of Montreal priced $971,000 of 0% absolute return notes with digital upside and buffer downside due Aug. 18, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the index is greater than or equal to the initial level, investors will receive par plus 6.8%.
If the index declines but finishes above 80% of its initial level, the payout will be par plus the absolute value of the index return.
Otherwise, investors will lose 1% for each 1% decline beyond the 20% buffer.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Absolute return notes with digital upside and buffer downside
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| Underlying index: | S&P 500 index
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| Amount: | $971,000
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| Maturity: | Aug. 18, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 6.8% if index finishes positive; par plus absolute value of index return if index finishes above buffer level; otherwise, 1% loss for each 1% decline beyond buffer.
|
| Initial level: | 4,145.19
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| Barrier level: | 3,316.15, 80% of initial level
|
| Pricing date: | Aug. 5, 2022
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| Settlement date: | Aug. 10, 2022
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.4%
|
| Cusip: | 06368GY92
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