By Wendy Van Sickle
Columbus, Ohio, July 20 – Bank of Montreal priced $1 million of 0% buffer return notes due July 21, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 0.98 times any index gain.
Investors will receive par if the index falls by up to 20% and will lose 1% for each 1% that the level of the index decreases by more than 20%.
BMO Capital Markets Corp. is the selling agent.
| Issuer: | Bank of Montreal
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| Issue: | Buffer return notes
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| Underlying index: | S&P 500 index
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| Amount: | $1 million
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| Maturity: | July 21, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 0.98 times any gain of the index; par if the index falls by up to 20%; otherwise, 1% loss for each 1% of index decline below 20%
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| Initial index level: | 3,863.16
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| Buffer level: | 3,090.53; 80% of initial level
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| Pricing date: | July 15
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| Settlement date: | July 19
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| Selling agent: | BMO Capital Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 06368GXA0
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