By Wendy Van Sickle
Columbus, Ohio, April 5 – Bank of Montreal priced $1.52 million of 0% contingent risk absolute return notes due March 29, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund finishes above the initial level, the payout at maturity will be par plus the gain.
If the fund falls but never closes below the 76% barrier 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 $1,240 per $1,000 principal amount.
Otherwise, investors will lose 1% for each 1% that the fund declines.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Contingent risk absolute return notes
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| ETF: | iShares MSCI Emerging Markets ETF
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| Amount: | $1.52 million
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| Maturity: | March 29, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund’s return is positive, par plus the return; if fund’s return is negative and the fund hasn't closed below 76% of its initial level during the life of the notes, par plus absolute value of fund’s return, up to $1,240; otherwise, 1% loss for each 1% decline
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| Initial level: | $39.81
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| Barrier level: | 76% of initial level
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0%
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| Cusip: | 06367TUJ7
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