Published on 9/22/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.58 million contingent market-linked securities with downside on Intel
By William Gullotti
Buffalo, N.Y., Sept. 22 – Bank of Montreal priced $1.58 million of market-linked securities – contingent fixed return and contingent downside due Sept. 30, 2024 linked to the stock performance of Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes at or above its 70% downside threshold, the payout at maturity will be par plus 12%.
Otherwise, investors will be fully exposed to the stock’s decline from its initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Bank of Montreal
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Issue: | Market linked securities – contingent fixed return and contingent downside
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Underlying stock: | Intel Corp.
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Amount: | $1,583,000
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Maturity: | Sept. 30, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the stock finishes at or above downside threshold, par plus 12%; otherwise, 1% loss for every 1% decline from initial level
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Initial level: | $36.34
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Downside threshold: | $25.438; 70% of initial level
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Pricing date: | Sept. 19
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Settlement date: | Sept. 22
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.39%
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Cusip: | 06375MB46
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