Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $408,000 autocallable buffer enhanced return notes linked to S&P
By Angela McDaniels
Tacoma, Wash., March 14 – Bank of Montreal priced $408,000 of 0% autocallable buffer enhanced return notes due June 30, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 20% if the index closes at or above its initial level on Dec. 24, 2025.
If the notes are not automatically redeemed and the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus 200% of the index return.
If the final index level is less than the initial index level but not less than the buffer level, 85% of the initial index level, the payout will be par.
If the final index level is less than the buffer level, investors will lose 1% for every 1% that the index declines beyond 15%.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Autocallable buffer enhanced return notes
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| Underlying index: | S&P 500 index
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| Amount: | $408,000
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| Maturity: | June 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final index level is greater than or equal to initial index level, par plus 200% of the index return; if final index level is less than initial index level but not less than buffer level, par; if final index level is less than buffer level, 1% loss for every 1% that index declines beyond 15%
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| Call: | Automatically at par plus 20% if index closes at or above initial level on Dec. 24, 2025
|
| Initial level: | 4,378.41
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| Buffer level: | 3,721.65, or 85% of initial level
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 3.75%
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| Cusip: | 06374VX35
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