Published on 11/28/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.2 million contingent risk absolute return buffer notes on S&P
Chicago, Nov. 28 – Bank of Montreal priced $1.2 million of 0% contingent risk absolute return buffer notes due May 27, 2026 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 gain, subject to a maximum return of par plus 37.5%.
If the index declines by no more than 20%, the payout will be par plus the absolute value of the index return.
Otherwise, investors will lose 1% for each 1% decline beyond 20%.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Contingent risk absolute return buffer notes
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Underlying index: | S&P 500 index
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Amount: | $1,200,000
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Maturity: | May 27, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at par plus 37.5%; if index declines but finishes at or above the 80% buffer, par plus absolute value of the return; otherwise, 1% loss per 1% decline beyond 20%
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Initial level: | 4,538.19
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Buffer level: | 3,630.55; 80% of initial level
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Pricing date: | Nov. 21
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Settlement date: | Nov. 27
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.65%
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Cusip: | 06375MKQ7
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