New Issue: Bank of Montreal prices $3.89 million digital return barrier notes on S&P

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – Bank of Montreal priced $3.89 million of 0% digital return barrier notes due Dec. 12, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the greater of 16% and the index return, capped at 25.6%. If the index falls by up to 25%, the payout will be par. Otherwise, investors will be exposed to the decline of the index from its initial level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Digital return barrier notes
Underlying index:	S&P 500 index
Amount:	$3,888,000
Maturity:	Dec. 12, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus greater of 16% and index return up to 25.6%; if index falls by up to 25%, par; otherwise, exposure to index’s decline from initial level
Initial level:	4,585.59
Digital barrier level:	3,439.19, or 70% of initial level
Pricing date:	Dec. 7
Settlement date:	Dec. 12
Agent:	BMO Capital Markets Corp.
Fees:	1.75%
Cusip:	06375MKW4

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