Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $1.89 million leveraged upside participation market-linked autocalls on S&P
Chicago, Aug. 25 – Bank of Montreal priced $1.89 million of 0% market-linked securities – autocallable with leveraged upside participation and contingent downside due Aug. 24, 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 an 8.5% call premium if the index closes at or above its initial level on Aug. 23, 2024.
The payout at maturity will be par plus 150% of the gain in the index.
If the index falls by up to 25%, 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
|
| Issue: | Market-linked securities – autocallable leveraged with upside participation and contingent downside
|
| Underlying: | S&P 500 index
|
| Amount: | $1,889,000
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| Maturity: | Aug. 24, 2026
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 150% of the index gain; if index falls by up to 25%, par; otherwise, 1% loss for every 1% decline of index from initial level
|
| Call: | Automatically at par plus 8.5% call premium if the index closes at or above its initial level on Aug. 23, 2024
|
| Initial level: | 4,369.71
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| Trigger level: | 3,277.2825; 75% of initial level
|
| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 2.575%
|
| Cusip: | 06375M6T7
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