Published on 6/29/2017 in the Prospect News Structured Products Daily.
New Issue: BMO sells $2.09 million contingent risk absolute return notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, June 29 – Bank of Montreal priced $2.09 million of 0% contingent risk absolute return notes due May 31, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus the gain.
If the index falls but never closes below its 77.5% barrier level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
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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Underlying index: | S&P 500
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Amount: | $2,094,000
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Maturity: | May 31, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains, par plus return; if index never closes below its 77.5% barrier, par plus absolute return; if index falls by more than 22.5%, full exposure to any losses
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Initial level: | 2,419.38
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Barrier level: | 1,875.02, 77.5% of initial level
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06367TYJ3
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