Published on 8/20/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $120,000 autocallable barrier enhanced return notes linked to S&P
By Kiku Steinfeld
Chicago, Aug. 21 – Bank of Montreal priced $120,000 of 0% autocallable barrier enhanced return notes due March 2, 2026 linked to the performance of the S&P 500 index, 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 index closes at or above 95% of its initial level on March 1, 2024.
The payout at maturity will be par plus 150% of any index gain.
Investors will receive par if the index falls by up to 20% and will lose 1% for each 1% of index decline if it falls by more than 20%.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable barrier enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $120,000
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Maturity: | March 2, 2026
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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 index; par if the index falls by up to 20%; otherwise, full exposure to index decline from initial level
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Call: | Automatically at par plus a 12% call premium if the index closes at or above 95% of its initial level on March 1, 2024
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Initial index level: | 1,890.485
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Barrier level: | 1,512.388; 80% of initial level
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Pricing date: | Feb. 24, 2023
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Settlement date: | March 1, 2023
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 1.2%
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Cusip: | 06374VNB8
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