Published on 5/23/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.9 million leveraged upside participation market-linked autocalls on S&P
By William Gullotti
Buffalo, N.Y., May 23 – Bank of Montreal priced $1.9 million of 0% market-linked securities – autocallable leveraged upside participation and contingent downside due May 4, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be automatically called at par plus a 10.1% call premium if the index closes at or above its initial level on May 3, 2024.
The payout at maturity will be par plus 150% of the gain in the index.
If the index falls by up to 30%, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the index from its initial level.
Wells Fargo Securities LLC is the agent.
Issuer: | Bank of Montreal
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Issue: | Market-linked securities – autocallable leveraged upside participation and contingent downside
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Underlying: | S&P 500 index
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Amount: | $1,902,000
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Maturity: | May 4, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of the index gain; if index falls by up to 30%, par; otherwise, 1% loss for every 1% decline of index from initial level
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Call: | Automatically at par plus 10.1% call premium if the index closes at or above its initial level on May 3, 2024
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Initial level: | 4,169.48
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Trigger level: | 2,918.636; 70% of initial level
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | Wells Fargo Securities LLC
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Fees: | 2.575%
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Cusip: | 06374VTR7
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