Published on 6/4/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $400,000 autocallable buffer enhanced return notes linked to ETF basket
By Kiku Steinfeld
Chicago, June 5 – Bank of Montreal priced $400,000 of 0% autocallable buffer enhanced return notes due July 31, 2024 linked to an equally-weighted basket consisting of the SPDR S&P Biotech ETF, the iShares Global Clean Energy ETF and the First Trust Nasdaq Cybersecurity ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus a 12% call premium if the basket closes at or above its initial level on Feb. 1, 2024.
The payout at maturity will be par plus 150% of any basket gain.
Investors will receive par if the basket falls by up to 15% and will lose 1% for each 1% that the level of the basket decreases by more than 15%.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable buffer enhanced return notes
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Underlying basket: | SPDR S&P Biotech ETF, iShares Global Clean Energy ETF and First Trust Nasdaq Cybersecurity ETF; equally-weighted
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Amount: | $400,000
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Maturity: | July 31, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any gain of the basket; par if the basket falls by up to 15%; otherwise, 1% loss for each 1% of basket decline below 15%
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Call: | Automatically at par plus 12% if the basket closes at or above its initial level on Feb. 1, 2024
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Initial basket level: | $88.59 for Biotech, $20.63 for Energy, $40.45 for Cybersecurity
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Buffer level: | 85% of initial basket level
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Pricing date: | Jan. 26, 2023
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Settlement date: | Jan. 31, 2023
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 06374VJV9
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