By William Gullotti
Buffalo, N.Y., April 24 – Bank of Montreal priced $2.67 million of 0% contingent risk absolute return buffer notes due April 15, 2027 linked to the stock performance of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes above the initial level, the payout at maturity will be par plus the stock gain, subject to a maximum return of par plus 33.8%.
If the stock declines by no more than 25%, the payout will be par plus the absolute value of the stock return.
Otherwise, investors will lose 1% for each 1% decline beyond 25%.
BMO Capital Markets Corp. and Wells Fargo Securities LLC are the agents.
| Issuer: | Bank of Montreal
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| Issue: | Contingent risk absolute return buffer notes
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| Underlying stock: | Apple Inc.
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| Amount: | $2.67 million
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| Maturity: | April 15, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any stock gain, capped at par plus 33.8%; if stock declines but finishes at or above the 75% buffer, par plus absolute value of the return; otherwise, 1% loss per 1% decline beyond 25%
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| Initial level: | $175.04
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| Buffer level: | $131.28; 75% of initial level
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agents: | BMO Capital Markets Corp. and Wells Fargo Securities LLC
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| Fees: | 2.825%
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| Cusip: | 06376AD56
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