Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: BMO sells $841,000 buffer enhanced return notes linked to S&P 500
By Kiku Steinfeld
Chicago, Oct. 16 – Bank of Montreal priced $841,000 of 0% buffer enhanced return notes due Sept. 30, 2025 linked to the performance of 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 index gain, subject to a maximum return of par plus 30.1%.
Investors will receive par if the index falls by up to 90% and will lose 1% for each 1% declines of the index beyond 10%.
BMO Capital Markets Corp. is the selling agent.
Issuer: | Bank of Montreal
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Issue: | Buffer enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $841,000
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Maturity: | Sept. 30, 2025
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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 the index, capped at par plus 30.1%; par if the index falls by up to 90%; otherwise, 1% loss for each 1% that index declines beyond 10%
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Initial index level: | 3,971.27
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Buffer level: | 3,574.14; 90% of initial level
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Pricing date: | March 28, 2023
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Settlement date: | March 31, 2023
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Selling agent: | BMO Capital Markets Corp.
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Fees: | 2.5%
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Cusip: | 06374VPM2
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