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Bank of Montreal plans contingent risk absolute return notes on S&P 500
By Susanna Moon
Chicago, Jan. 19 – Bank of Montreal plans to price 0% contingent risk absolute return notes due Jan. 31, 2018 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 index gain.
If the index falls but never closes below the barrier level, 73% to 77% of the initial level, on any day during the life of the notes, the payout will be par plus the absolute value of the return, up to a maximum return of 23% to 27%.
Otherwise, investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
The notes will price on Jan. 26 and settle on Jan. 29.
The Cusip number is 06366R7C3.
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