Published on 10/5/2022 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.47 million barrier enhanced return notes linked to S&P
By William Gullotti
Buffalo, N.Y., Oct. 5 – Bank of Montreal priced $1.47 million of 0% barrier enhanced return notes due April 5, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 200% of any gain of the index, subject to a maximum return of par plus 23%.
Investors will receive par if the index falls by up to 30% and will be fully exposed to the decline of the index if it falls beyond the 70% barrier level.
BMO Capital Markets Corp. is the underwriter.
Issuer: | Bank of Montreal
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Issue: | Barrier enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $1,467,000
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Maturity: | April 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any gain of index, capped at par plus 23%; par if index falls by up to 30%; otherwise, full exposure to decline of index from its initial level
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Initial index level: | 3,585.62
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Barrier level: | 2,509.93; 70% of initial level
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Underwriter: | BMO Capital Markets Corp.
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Fees: | 0.6%
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Cusip: | 06374V6D3
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