New Issue: Bank of Montreal prices $50,000 buffered bullish digital return notes linked to S&P 500

By Jennifer Chiou

New York, May 17 - Bank of Montreal priced $50,000 of 0% buffered bullish digital notes due May 16, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus a digital coupon of 10.5%.

Investors will receive par if the index falls by 10% or less and will be exposed to any decline beyond 10%.

BMO Capital Markets Corp. is the underwriter.

Issuer:	Bank of Montreal
Issue:	Buffered bullish digital notes
Underlying index:	S&P 500
Amount:	$50,000
Maturity:	May 16, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus digital coupon of 10.5% if index gains; par if index falls by 10% or less; exposure to any decline beyond 10%
Initial level:	1,337.77
Buffer level:	1,203.99, 90% of the initial level
Pricing date:	May 13
Settlement date:	May 18
Underwriter:	BMO Capital Markets Corp.
Fees:	2.5%
Cusip:	06366QJZ1

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