By Jennifer Chiou
New York, Dec. 29 – Bank of Montreal priced $250,000 of 0% contingent risk absolute return notes due Dec. 31, 2020 linked to the SPDR Dow Jones Industrial Average exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund return is positive, the payout at maturity will be par plus 104% of the fund return.
If the fund return is less than or equal to zero but not less than negative 30%, the payout will be par plus the absolute value of the fund return.
If the fund return is below negative 30%, investors will be fully exposed to the fund’s decline from its initial level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Contingent risk absolute return notes
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Underlying fund: SPDR Dow Jones Industrial Average ETF
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Amount: | $250,000
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Maturity: | Dec. 31, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If fund return is positive, par plus 1.04 times fund return; if fund return is zero or negative but not less than negative 30%, par plus absolute value of fund return; if fund return is less than negative 30%, full exposure to fund’s decline from initial level
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Initial price: | $180.03
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Barrier price: | $126.02, 70% of initial price
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Pricing date: | Dec. 23
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Settlement date: | Dec. 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 3.55%
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Cusip: | 06366RYM1
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