By Devika Patel
Knoxville, Tenn., Nov. 9 – Bank of Montreal priced $328,000 of 0% contingent risk absolute return notes with digital upside due Oct. 31, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund’s return is positive, the payout at maturity will be par plus the digital return of 23.5%.
If the fund’s return is negative but the fund hasn't finished below 70% of its initial level, the payout will be par plus the absolute value of the fund’s return.
Otherwise, investors will lose 1% for each 1% decline.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Contingent risk absolute return notes with digital upside
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| ETF: | SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $328,000
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| Maturity: | Oct. 31, 2018
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund’s return is positive, par plus the digital return of 23.5%; if fund’s return is negative but the fund hasn't closed below 70% of its initial level, par plus absolute value of fund’s return; otherwise, 1% loss for each 1% decline
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| Initial level: | $36.77
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| Barrier level: | $25.739, or 70% of initial level
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 0.8%
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| Cusip: | 06367TLL2
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