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Bank of Montreal plans contingent absolute return notes on S&P 500
By Susanna Moon
Chicago, July 23 - Bank of Montreal plans to price 0% contingent risk absolute return notes due Aug. 7, 2014 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 the gain.
If the index falls but never closes below the 66% to 70% barrier level during the life of the notes, the payout will be par plus the absolute value of the decline. The exact barrier will be set at pricing.
Otherwise, investors will be fully exposed to losses.
BMO Capital Markets Corp. is the agent.
The notes will price on Aug. 2 and settle on Aug. 7.
The Cusip number is 06366RGC3.
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