By Toni Weeks
San Luis Obispo, Calif., July 31 – Bank of Montreal priced $1.53 million of 0% contingent risk absolute return notes due July 31, 2020 linked to the SPDR Dow Jones Industrial Average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund return is positive, the payout at maturity will be par plus 105% of the fund return.
If the fund return is less than or equal to zero but not less than negative 30%, the payout will be par plus the absolute value of the fund return.
If the fund return is below negative 30%, investors will be fully exposed to the fund’s decline from its initial level.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Contingent risk absolute return notes
|
| Underlying fund: | SPDR Dow Jones Industrial Average ETF
|
| Amount: | $1,533,000
|
| Maturity: | July 31, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If fund return is positive, par plus 1.05 times fund return; if fund return is zero or negative but not less than negative 30%, par plus absolute value of fund return; if fund return is less than negative 30%, full exposure to fund’s decline from initial level
|
| Initial price: | $169.41
|
| Barrier price: | $118.59, 70% of initial price
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 3.55%
|
| Cusip: | 06366RUV5
|
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