New Issue: BMO prices $500,000 digital return buffer notes linked to S&P 500

By Kiku Steinfeld

Chicago, March 22 – Bank of Montreal priced $500,000 of 0% digital return buffer notes due Jan. 6, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index’s return is greater than or equal to its 70% buffer level, the payout at maturity will be par plus 10%.

Otherwise, investors will lose 1% for every 1% that the index declines beyond the buffer.

BMO Capital Markets is the agent.

Issuer:	Bank of Montreal
Issue:	Digital return buffer notes
Underlying index:	S&P 500 index
Amount:	$500,000
Maturity:	Jan. 6, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index’s return is greater than or equal to buffer level, par plus 10%; otherwise, 1% loss for every 1% that the index declines beyond the buffer
Initial level:	4,450.38
Buffer level:	3,115.27; 70% of initial level
Pricing date:	June 30, 2023
Settlement date:	July 6, 2023
Agent:	BMO Capital Markets
Fees:	0.3915%
Cusip:	06374VX27

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