Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.8 million contingent digital return barrier notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, June 17 – Bank of Montreal priced $1.8 million of 0% contingent digital return barrier notes due July 9, 2021 linked to the least performing of the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the least performing asset’s return is greater than or equal to 75% of its initial level, the payout at maturity will be par plus 7%. If the least performing asset’s return is less than 75% of its initial level but greater than or equal to 60% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the least performing asset declines from its initial level.
BMO Capital Markets is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Contingent digital return barrier notes
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| Underlying assets: | Russell 2000 index and SPDR Dow Jones Industrial Average ETF
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| Amount: | $1,801,000
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| Maturity: | July 9, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the least performing asset’s return is greater than or equal to 75% of its initial level, par plus 7%; if the least performing asset’s return is less than 75% of its initial level but at least 60% of its initial level, par; otherwise, 1% loss for every 1% that the least performing asset declines from its initial level
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| Initial levels: | 1,507.051 for Russell and $273.38 for ETF
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| Digital barrier levels: | 1,130.288 for Russell and $205.04 for ETF; 75% of initial levels
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| Principal barrier levels: | 904.231 for Russell and $164.03 for ETF; 60% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 12
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| Agent: | BMO Capital Markets
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| Fees: | 0.25%
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| Cusip: | 06367WQ30
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