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Bank of Montreal plans buffered upside booster notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 31 - Bank of Montreal plans to price 0% buffered upside booster notes due June 30, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is greater than the booster percentage, the payout at maturity will be par plus the index return. The booster percentage is expected to be 18% to 22% and will be set at pricing.
If the index return is positive but is less than or equal to the booster percentage, the payout will be par plus the booster percentage.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
The notes (Cusip: 06366RDN2) are expected to price June 26 and settle June 29.
BMO Capital Markets Corp. is the agent.
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