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Bank of Montreal plans contingent risk absolute return notes on S&P
By Susanna Moon
Chicago, Oct. 12 – Bank of Montreal plans to price 0% contingent risk absolute return notes due Oct. 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 return.
If the index falls but never closes below the barrier level, 70% to 74% of the initial level, during the life of the notes, the payout will be par plus the absolute value of the return, up to a maximum downside redemption amount of $1,260 to $1,300 per $1,000 principal amount.
Otherwise, investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
The notes will price on Oct. 26 and settle on Oct. 31.
The Cusip number is 06367TME7.
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