Bond Montreal Bank 0% ( US06367WPD91 ) in USD

Issuer Montreal Bank
Market price 100 %  ▼ 
Country  Canada
ISIN code  US06367WPD91 ( in USD )
Interest rate 0%
Maturity 31/08/2022 - Bond has expired



Prospectus brochure of the bond Bank of Montreal US06367WPD91 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 758 000 USD
Cusip 06367WPD9
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Bank of Montreal (BMO) is a major Canadian multinational bank offering a wide range of financial services including personal and commercial banking, wealth management, and investment banking, operating across North America and internationally.

An analysis of the matured obligation, identified by ISIN US06367WPD91 (CUSIP: 06367WPD9), details its issuance in USD by the Bank of Montreal, a prominent Canadian multinational investment bank and financial services company and one of Canada's 'Big Six' financial institutions, originating from Canada as its country of issuance; this specific bond, part of a total issue size of 758,000 with a minimum purchase size of 1,000, featured a 0% interest rate and a payment frequency of two, and successfully reached its August 31, 2022 maturity, at which point it was fully redeemed at 100% of its face value, confirming its complete repayment.







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424B2 1 g830192424b2.htm ELN 1220

Registration Statement No. 333-217200
Filed Pursuant to Rule 424(b)(2)


Pricing Supplement dated August 29, 2019 to the Prospectus dated April 27, 2017, the Prospectus Supplement
dated September 23, 2018 and the Product Supplement dated May 1, 2017
$758,000
Bullish Booster Percentage Notes with Barrier due August 31, 2022
Linked to the Lesser Performing of the S&P 500® Index and the EURO STOXX 50® Index
·
The notes are designed for investors who seek a fixed positive return equal to the Booster Percentage (as defined
below) if the level of each of the S&P 500® Index and the EURO STOXX 50® Index (each an "Underlying
Asset") increases from its Initial Level. If the level of the Lesser Performing Underlying Asset (as defined below)
increases by more than the Booster Percentage, investors will participate on a one-for-one basis in that increase.
Investors should be willing to forgo periodic interest, and if the level of the Lesser Performing Underlying Asset
decreases by more than 30%, be willing to lose 1% of their principal amount for each 1% that the level of the
Lesser Performing Underlying Asset decreases.
·
Investors in the notes may lose up to 100% of their principal amount at maturity.
·
The Booster Percentage is 42%.
·
Any payment at maturity is subject to the credit risk of Bank of Montreal.
·
The notes do not bear interest.
·
The notes will not be listed on any securities exchange.
·
The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.
·
The offering priced on August 29, 2019, and the notes will settle through the facilities of The Depository Trust
Company on September 4, 2019.
·
The notes are scheduled to mature on August 31, 2022.
·
The CUSIP number of the notes is 06367WPD9.
·
Our subsidiary, BMO Capital Markets Corp. ("BMOCM"), is the agent for this offering. See "Supplemental Plan
of Distribution (Conflicts of Interest)" below.
·
The notes will not be subject to conversion into our common shares or the common shares of any of our affiliates
under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the "CDIC Act").
Investing in the notes involves risks, including those described in the "Selected Risk Considerations" section beginning on
page P-5 of this pricing supplement, the "Additional Risk Factors Relating to the Notes" section beginning on page PS-5 of the
product supplement, and the "Risk Factors" section beginning on page S-1 of the prospectus supplement and on page 8 of the
prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these notes or passed upon the accuracy of this pricing supplement, the product supplement, the prospectus supplement or the
prospectus. Any representation to the contrary is a criminal offense.
The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States
Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other
governmental agency or instrumentality or other entity.
On the date of this pricing supplement, the estimated initial value of the notes was $977.90 per $1,000 in principal amount. As
discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect many factors and cannot be
predicted with accuracy.


Price to Public(1) Agent's Commission(1)
Proceeds to Bank of Montreal




Per Note
US$1,000
US$12.00
US$988.00




Total
US$758,000
US$9,096
US$748,904

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(1) Certain dealers who purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of their
selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between
$988.00 and $1,000 per $1,000 in principal amount.
BMO CAPITAL MARKETS




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Key Terms of the Notes:

Underlying Assets:
The S&P 500® Index (ticker symbol: SPX) and the EURO STOXX 50® Index (ticker
symbol: SX5E). See the section below entitled "The Underlying Assets" for additional
information about the Underlying Assets.


Payment at Maturity:
(i) If the Percentage Change of the Lesser Performing Underlying Asset is greater than
the Booster Percentage, then the amount that the investors will receive at maturity for
each $1,000 in principal amount of the notes will equal:

Principal Amount + (Principal Amount × Percentage Change)

(ii) If the Percentage Change of the Lesser Performing Underlying Asset is positive,
but less than the Booster Percentage, inclusive, then the amount that the investors will
receive at maturity for each $1,000 in principal amount of the notes will be calculated
as follows:

Principal Amount + (Principal Amount × Booster Percentage)

(iii) If the Percentage Change of the Lesser Performing Underlying Asset is zero or
negative, but is greater than or equal to the Barrier Percentage, then the payment at
maturity will equal the principal amount.

(iv) If the Percentage Change of the Lesser Performing Underlying Asset is less than
the Barrier Percentage, then the payment at maturity will equal:

Principal Amount + (Principal Amount × Percentage Change)

If the Percentage Change is less than -30%, investors will lose all or a portion of the
principal amount of the notes.


Booster Percentage:
42%


Initial Level:
2,924.58 for the SPX and 3,411.33 for the SX5E, which were the respective closing
levels of each of the Underlying Assets on the Pricing Date.


Final Level:
The respective closing level of each of the Underlying Assets on the Valuation Date.


Barrier Level:
2,047.21 for the SPX and 2,387.93 for the SX5E, each of which is 70.00% of the
respective Initial Level for each of the Underlying Assets, rounded to two decimal
places.


Barrier Percentage:
-30%. Accordingly, if the Final Level of the Lesser Performing Underlying Asset is
less than its Barrier Level, you will receive less than the principal amount of your notes
at maturity, and you could lose up to 100% of the principal amount of your notes.


Lesser Performing
The Underlying Asset that has the lowest Percentage Change.

Underlying Asset:


Percentage Change:
Final Level - Initial Level, expressed as a percentage.
Initial Level


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Pricing Date:
August 29, 2019.


Settlement Date:
September 4, 2019


Valuation Date:
August 26, 2022


Maturity Date:
August 31, 2022


Automatic Redemption:
Not applicable


Calculation Agent:
BMOCM


Selling Agent:
BMOCM



Payoff Example

The following table shows the hypothetical payout profile of an investment in the notes based on
hypothetical Percentage Changes of the Lesser Performing Underlying Asset, reflecting the Barrier Level of
70.00% and the Booster Percentage of 42%. Please see the hypothetical returns section below for more detailed
examples.


* Your return on the notes will be determined solely by the Percentage Change of the Lesser Performing Underlying
Asset.



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Additional Terms of the Notes

You should read this pricing supplement together with the product supplement dated May 1, 2017, the prospectus supplement
dated September 23, 2018 and the prospectus dated April 27, 2017. This pricing supplement, together with the documents listed
below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other
written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent. You should
carefully consider, among other things, the matters set forth in "Additional Risk Factors Relating to the Notes" in the product
supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):

·
Product supplement dated May 1, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000121465917002865/c427172424b5.htm

·
Prospectus supplement dated September 23, 2018:
https://www.sec.gov/Archives/edgar/data/927971/000119312518280416/d624491d424b5.htm

·
Prospectus dated April 27, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000119312517142728/d254784d424b2.htm

References in the above product supplement to the prospectus supplement will be deemed to be references to the prospectus
supplement dated September 23, 2018.

Our Central Index Key, or CIK, on the SEC website is 927971. As used in this pricing supplement, "we," "us" or "our" refers to
Bank of Montreal.


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Selected Risk Considerations

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the
Underlying Assets. These risks are explained in more detail in the "Additional Risk Factors Relating to the Notes" section of the
product supplement.

·
Your investment in the notes may result in a loss. -- You may lose some or all of your investment in the notes. The
payment at maturity will be based on the Final Level of the Lesser Performing Underlying Asset, and whether the Final Level
of the Lesser Performing Underlying Asset on the Valuation Date has declined from its Initial Level to a level that is less than
its Barrier Level. If the Final Level of the Lesser Performing Underlying Asset is less than its Barrier Level, you will lose 1%
of the principal amount of your notes for each 1% that its Final Level is less than its Initial Level. Accordingly, you could
lose up to 100% of the principal amount of the notes.

·
Your investment is subject to the credit risk of Bank of Montreal. -- Our credit ratings and credit spreads may adversely
affect the market value of the notes. Investors are dependent on our ability to pay the amount due at maturity, and therefore
investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in our credit
ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value
of the notes.

·
Your return on the notes will be determined solely by reference to the Lesser Performing Underlying Asset, even if the
other Underlying Asset performs better. -- Your payment at maturity will only be determined by reference to the
performance of the Lesser Performing Underlying Asset. Even if the other Underlying Asset has appreciated in value
compared to its Initial Level, or has experienced a decline that is less than that of the Lesser Performing Underlying Asset,
your return at maturity will only be determined by reference to the performance of the Lesser Performing Underlying Asset.

·
Your return on the notes will be determined by reference to each Underlying Asset individually, not to a basket, and
the payments on the notes will be based on the performance of the Lesser Performing Underlying Asset. -- The notes
are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components.
For example, in the case of notes linked to a weighted basket, the return would depend on the weighted aggregate performance
of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be
mitigated by the appreciation of the other basket component, as scaled by the weighting of that basket component. However,
in the case of the notes, the individual performance of each Underlying Asset would not be combined, and the depreciation of
an Underlying Asset would not be mitigated by any appreciation of the other Underlying Asset. Instead, your return at
maturity will depend solely on the Final Level of the Lesser Performing Underlying Asset.

·
Potential conflicts. -- We and our affiliates play a variety of roles in connection with the issuance of the notes, including
acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of
ours are potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in
trading of securities included in the Underlying Assets on a regular basis as part of our general broker-dealer and other
businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for our customers. Any
of these activities could adversely affect the levels of the Underlying Assets and, therefore, the market value of, and the
payments on, the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or
derivative instruments with returns linked or related to changes in the performance of the Underlying Assets. By introducing
competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the market
value of the notes.

·
Our initial estimated value of the notes is lower than the price to public. -- Our initial estimated value of the notes is only
an estimate, and is based on a number of factors. The price to public of the notes exceeds our initial estimated value, because
costs associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the
estimated value. These costs include the underwriting discount and selling concessions, the profits that we and our affiliates
expect to realize for assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these
obligations.


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·
Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated
value of any other party. -- Our initial estimated value of the notes as of the date of this pricing supplement was derived
using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility
of the Underlying Assets, dividend rates and interest rates. Different pricing models and assumptions could provide values for
the notes that are greater than or less than our initial estimated value. In addition, market conditions and other relevant factors
after the Pricing Date are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the
Pricing Date, the value of the notes could change dramatically due to changes in market conditions, our creditworthiness, and
the other factors set forth in this pricing supplement and the product supplement. These changes are likely to impact the price,
if any, at which we or BMOCM would be willing to purchase the notes from you in any secondary market transactions. Our
initial estimated value does not represent a minimum price at which we or our affiliates would be willing to buy your notes in
any secondary market at any time.

·
The terms of the notes were not determined by reference to the credit spreads for our conventional fixed-rate debt. --
To determine the terms of the notes, we used an internal funding rate that represents a discount from the credit spreads for our
conventional fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding
rate.

·
Certain costs are likely to adversely affect the value of the notes. -- Absent any changes in market conditions, any
secondary market prices of the notes will likely be lower than the price to public. This is because any secondary market prices
will likely take into account our then-current market credit spreads, and because any secondary market prices are likely to
exclude all or a portion of the underwriting discount and selling concessions and the hedging profits and estimated hedging
costs that are included in the price to public of the notes and that may be reflected on your account statements. In addition, any
such price is also likely to reflect a discount to account for costs associated with establishing or unwinding any related hedge
transaction, such as dealer discounts, mark-ups and other transaction costs. As a result, the price, if any, at which BMOCM or
any other party may be willing to purchase the notes from you in secondary market transactions, if at all, will likely be lower
than the price to public. Any sale that you make prior to the maturity date could result in a substantial loss to you.

·
You will not have any shareholder rights and will have no right to receive any securities included in the Underlying
Assets at maturity. -- Investing in your notes will not make you a holder of any shares of any company included in either of
the Underlying Assets. Neither you nor any other holder or owner of the notes will have any voting rights, any right to receive
dividends or other distributions or any other rights with respect to those securities.

·
Changes that affect an Underlying Asset may adversely affect the market value of the notes and the amount you will
receive at maturity. -- The policies of S&P Dow Jones Indices LLC ("S&P"), the sponsor of the SPX, and STOXX Limited,
the sponsor of the SX5E (each, an "Index Sponsor"), concerning the calculation of the applicable Underlying Asset, additions,
deletions or substitutions of the components of the applicable Underlying Asset and the manner in which changes affecting
those components, such as stock dividends, reorganizations or mergers, may be reflected in the applicable Underlying Asset
and, therefore, could affect the level of the applicable Underlying Asset, the amount payable on the notes at maturity and the
market value of the notes prior to maturity. The amount payable on the notes and their market value could also be affected if
either Index Sponsor changes these policies, for example, by changing the manner in which it calculates the applicable
Underlying Asset, or if either Index Sponsor discontinues or suspends the calculation or publication of the applicable
Underlying Asset.

·
We have no affiliation with either Index Sponsor and will not be responsible for any actions taken by either Index
Sponsor. -- Neither Index Sponsor is an affiliate of ours or will be involved in the offering of the notes in any way.
Consequently, we have no control over the actions of either Index Sponsor, including any actions of the type that would
require the calculation agent to adjust the payment to you at maturity. Neither Index Sponsor has any obligation of any sort
with respect to the notes. Thus, neither Index Sponsor has any obligation to take your interests into consideration for any
reason, including in taking any actions that might affect the value of the notes. None of our proceeds from the issuance of the
notes will be delivered to either Index Sponsor.

·
Lack of liquidity. -- The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes in the
secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to
allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the
price at which you may be able to trade the notes is likely to depend on the price, if any, at which BMOCM is willing to buy
the notes.

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·
Hedging and trading activities. -- We or any of our affiliates may have carried out or may carry out hedging activities
related to the notes, including purchasing or selling securities included in the Underlying Assets, or futures or options relating
to the Underlying Assets, or other derivative instruments with returns linked or related to changes in the performance of the
Underlying Assets. We or our affiliates may also engage in trading relating to the Underlying Assets from time to time. Any of
these hedging or trading activities on or prior to the Pricing Date and during the term of the notes could adversely affect our
payment to you at maturity.


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·
Many economic and market factors will influence the value of the notes. -- In addition to the levels of the Underlying
Assets and interest rates on any trading day, the value of the notes will be affected by a number of economic and market
factors that may either offset or magnify each other, and which are described in more detail in the product supplement.

·
You must rely on your own evaluation of the merits of an investment linked to the Underlying Assets. -- In the ordinary
course of their businesses, our affiliates from time to time may express views on expected movements in the levels of the
Underlying Assets or the prices of the securities included in the Underlying Assets. One or more of our affiliates have
published, and in the future may publish, research reports that express views on the Underlying Assets or these securities.
However, these views are subject to change from time to time. Moreover, other professionals who deal in the markets relating
to the Underlying Assets at any time may have significantly different views from those of our affiliates. You are encouraged to
derive information concerning each of the Underlying Assets from multiple sources, and you should not rely on the views
expressed by our affiliates.

Neither the offering of the notes nor any views which our affiliates from time to time may express in the ordinary course of
their businesses constitutes a recommendation as to the merits of an investment in the notes.

·
An investment in the notes is subject to risks associated with foreign securities markets. -- The SX5E tracks the value of
certain foreign equity securities. You should be aware that investments in securities linked to the value of foreign equity
securities involve particular risks. The foreign securities markets comprising these Underlying Assets may have less liquidity
and may be more volatile than U.S. or other securities markets and market developments may affect foreign markets
differently from U.S. or other securities markets. Direct or indirect government intervention to stabilize these foreign
securities markets, as well as cross-shareholdings in foreign companies, may affect trading prices and volumes in these
markets. Also, there is generally less publicly available information about foreign companies than about those U.S. companies
that are subject to the reporting requirements of the U.S. Securities and Exchange Commission, and foreign companies are
subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S.
reporting companies.

Prices of securities in foreign countries are subject to political, economic, financial and social factors that apply in those
geographical regions. These factors, which could negatively affect those securities markets, include the possibility of recent or
future changes in a foreign government's economic and fiscal policies, the possible imposition of, or changes in, currency
exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities and the
possibility of fluctuations in the rate of exchange between currencies, the possibility of outbreaks of hostility and political
instability and the possibility of natural disaster or adverse public health developments in the region. Moreover, foreign
economies may differ favorably or unfavorably from the U.S. economy in important respects such as growth of gross national
product, rate of inflation, capital reinvestment, resources and self-sufficiency.

·
An investment in the notes is subject to foreign currency exchange rate risk. -- The value of the SX5E will fluctuate
based in part upon changes in the value of the currencies in which the relevant stocks are traded. Accordingly, investors in the
notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the stocks represented by
the SX5E are traded. An investor's net exposure will depend on the extent to which these currencies strengthen or weaken
against the U.S. dollar.

·
Significant aspects of the tax treatment of the notes are uncertain. -- The tax treatment of the notes is uncertain. We do
not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of
the notes, and the Internal Revenue Service or a court may not agree with the tax treatment described in this pricing
supplement.

The Internal Revenue Service has issued a notice indicating that it and the Treasury Department are actively considering
whether, among other issues, a holder should be required to accrue interest over the term of an instrument such as the notes
even though that holder will not receive any payments with respect to the notes until maturity and whether all or part of the
gain a holder may recognize upon sale or maturity of an instrument such as the notes could be treated as ordinary income. The
outcome of this process is uncertain and could apply on a retroactive basis.

Please read carefully the section entitled "U.S. Federal Tax Information" in this pricing supplement, the section entitled
"Supplemental Tax Considerations--Supplemental U.S. Federal Income Tax Considerations" in the accompanying product
supplement, the section entitled "United States Federal Income Taxation" in the accompanying prospectus and the section
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