Published on 3/14/2024 in the Prospect News Structured Products Daily.
New Issue: BMO prices $200,000 buffer enhanced return notes linked to stock basket
By Kiku Steinfeld
Chicago, March 14 – Bank of Montreal priced $200,000 of 0% buffer enhanced return notes due Aug. 5, 2024 linked to an equally-weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc., Schlumberger NV and Synopsys, Inc.
The payout at maturity will be par plus 125% of any gain of the basket, subject to a maximum return of par plus 16%.
Investors will receive par if the basket falls by up to 15% and will lose 1% for every 1% decline of the basket beyond 15%.
BMO Capital Markets Corp. is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Buffer enhanced return notes
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| Underlying components: | Analog Devices, Inc., Amphenol Corp., Edwards Lifesciences Corp., Freeport-McMoRan Inc., Intuitive Surgical, Inc., KLA Corp., ServiceNow, Inc., Prologis, Inc., Schlumberger NV and Synopsys, Inc.; equal weights
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| Amount: | $200,000
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| Maturity: | Aug. 5, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 125% of any basket gain, capped at par plus 16%; par if basket falls by up to 15%; otherwise, 1% loss per 1% decline of basket beyond 15%
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| Initial level: | $189.48 for Analog, $83.45 for Amphenol, $92.02 for Edwards, $39.35 for Freeport, $338.49 for Intuitive, $477.23 for KLA, $548.08 for ServiceNow, $121.50 for Prologis, $48.47 for Schlumberger, $427.90 for Synopsys
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| Buffer level: | 85% of initial level
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| Pricing date: | June 29, 2023
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| Settlement date: | July 5, 2023
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| Underwriter: | BMO Capital Markets Corp.
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| Fees: | 0.43%
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| Cusip: | 06374VWE2
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