Obligation Montreal Bank 0% ( US06367WVP57 ) en USD

Société émettrice Montreal Bank
Prix sur le marché 100 %  ▲ 
Pays  Canada
Code ISIN  US06367WVP57 ( en USD )
Coupon 0%
Echéance 04/03/2022 - Obligation échue



Prospectus brochure de l'obligation Bank of Montreal US06367WVP57 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 8 127 000 USD
Cusip 06367WVP5
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's NR
Description détaillée La Banque de Montréal (BMO) est une institution financière multinationale canadienne offrant une vaste gamme de services bancaires de détail, de gestion de patrimoine, de marchés des capitaux et de services bancaires aux entreprises à l'échelle mondiale.

L'analyse des instruments de dette révèle la récente liquidation d'une obligation émise par la Bank of Montreal, un établissement financier canadien de premier plan fondé en 1817 et reconnu comme la plus ancienne banque du Canada, offrant un éventail complet de services bancaires, de gestion de patrimoine et de marchés des capitaux à une clientèle étendue à travers le monde. Cette obligation spécifique, identifiée par le code ISIN US06367WVP57 et le code CUSIP 06367WVP5, était une émission de dette libellée en dollars américains (USD) provenant du Canada, dont le montant total s'élevait à 8 127 000 unités, avec une taille minimale d'achat fixée à 1 000 unités. Caractérisée par un taux d'intérêt de 0% et une fréquence de paiement semestrielle (soit deux paiements par an), et affichant un prix de marché de 100% au moment de sa liquidation, cette obligation est arrivée à échéance le 4 mars 2022 et a été intégralement remboursée à ses détenteurs, démontrant ainsi le respect de ses engagements par l'émetteur, bien qu'elle n'ait pas fait l'objet d'une notation par l'agence Moody's (NR).







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424B2 1 r31201424b2.htm WELLS SX5E ERN R2065 PRICING SUPPLEMENT



Registration Statement No. 333-217200
Filed Pursuant to Rule 424(b)(2)
PRICING SUPPLEMENT R2065 dated February 28, 2020
(To Prospectus Supplement dated September 23, 2018
and Prospectus dated April 27, 2017)


Bank of Montreal
Medium-Term Notes, Series E
Equity Index Linked Securities

Market Linked Securities--Leveraged Upside Participation
to a Cap and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

n Linked to the EURO STOXX 50® Index
n Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity. Instead, the securities provide for a
maturity payment amount that may be greater than, equal to or less than the original offering price of the securities, depending on the performance
of the Index from its starting level to its ending level. The maturity payment amount will reflect the following terms:
n If the level of the Index increases, you will receive the original offering price plus 200% participation in the upside performance of the Index,
subject to a maximum return at maturity of 28.00% of the original offering price. As a result of the maximum return, the maximum maturity
payment amount will be $1,280.00.
n If the level of the Index decreases but the decrease is not more than 10%, you will be repaid the original offering price
n If the level of the Index decreases by more than 10%, you will receive less than the original offering price and have 1-to-1 downside
exposure to the decrease in the level of the Index in excess of 10%
n Investors may lose up to 90% of the original offering price
n All payments on the securities are subject to the credit risk of Bank of Montreal, and you will have no ability to pursue any securities included in the
Index for payment; if Bank of Montreal defaults on its obligations, you could lose some or all of your investment
n No periodic interest payments or dividends
n No exchange listing; designed to be held to maturity
On the date of this pricing supplement, the estimated initial value of the securities is $965.70 per security. However, as discussed in more detail in this pricing supplement, the actual value of
the securities at any time will reflect many factors and cannot be predicted with accuracy. See "Estimated Value of the Securities" in this pricing supplement.
The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See "Risk
Factors" herein on page PRS-9.
The securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the securities are subject to the credit risk of Bank of Montreal. If Bank of Montreal
defaults on its obligations, you could lose some or all of your investment. The securities are not savings accounts, deposits or other obligations of a depository institution and are not insured
by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Fund or any other governmental agency.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricing supplement or the
accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.


Original Offering Price
Agent Discount(1)
Proceeds to Bank of Montreal




Per Security
$1,000.00
$22.40
$977.60
Total
$8,127,000.00
182,044.80
$7,944,955.20
(1)
Wells Fargo Securities, LLC is the agent for the distribution of the securities and is acting as principal. See "Terms of the Securities--Agent" and "Supplemental Plan of
Distribution (Conflicts of Interest)" in this pricing supplement for further information.
Wells Fargo Securities



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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Terms of the Securities

Issuer:
Bank of Montreal.
Market Measure:
EURO STOXX 50® Index (the "Index").
Pricing Date:
February 28, 2020.
Issue Date:
March 4, 2020. (T+3)
Original Offering
$1,000 per security. References in this pricing supplement to a "security" are to a security with a face amount of $1,000.
Price:
On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment
amount. The "maturity payment amount" per security will equal:


· if the ending level is greater than the starting level: $1,000 plus the lesser of:


(i)

ending level ­ starting level


$1,000
×
× participation rate
; and




starting level





(ii) the maximum return;


Maturity Payment
· if the ending level is less than or equal to the starting level, but greater than or equal to the threshold level: $1,000; or
Amount:

· if the ending level is less than the threshold level: $1,000 minus:

threshold level ­ ending level
$1,000
×



starting level


If the ending level is less than the threshold level, you will receive less, and possibly 90% less, than the original offering price of
your securities at maturity.


All calculations with respect to the maturity payment amount will be rounded to the nearest one hundred-thousandth, with five one-
millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the maturity payment amount will be rounded to the
nearest cent, with one-half cent rounded upward.
March 4, 2022. If the calculation day is postponed, the stated maturity date will be the later of (i) March 4, 2022 and (ii) three business
days after the calculation day as postponed. See "--Calculation Day" and "Additional Terms of the Securities--Market Disruption
Stated Maturity
Events" for information about the circumstances that may result in a postponement of the calculation day. If the stated maturity date is
Date:
not a business day, the payment required to be made on the securities on the stated maturity date will be made on the next succeeding
business day with the same force and effect as if it had been made on the stated maturity date. The securities are not subject to
redemption by Bank of Montreal or repayment at the option of any holder of the securities prior to the stated maturity date.
Starting Level:
3,329.49, which was the closing level of the Index on the pricing date.
The "closing level" of the Index on any trading day means the official closing level of the Index reported by the index sponsor on such
trading day, as obtained by the calculation agent on such trading day from the licensed third-party market data vendor contracted by the
calculation agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed by such
Closing Level:
licensed third-party market data vendor on such date. Currently, the calculation agent obtains market data from Bloomberg Financial
Services, but the calculation agent may change its market data vendor at any time without notice. The foregoing provisions of this
definition of "closing level" are subject to the provisions set forth below under "Additional Terms of the Securities--Market Disruption
Events," "--Adjustments to the Index" and "--Discontinuance of the Index."


PRS-2

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Ending Level:
The "ending level" will be the closing level of the Index on the calculation day.
The "maximum return" is 28.00% of the original offering price per security ($280.00 per security). As a result of the maximum return,
Maximum Return:
the maximum maturity payment amount is $1,280.00 per security.
Threshold Level:
2,996.541, which is equal to 90% of the starting level.
Participation Rate:
200%.
February 25, 2022. If such day is not a trading day, the calculation day will be postponed to the next succeeding trading day. The
Calculation Day:
calculation day is also subject to postponement due to the occurrence of a market disruption event. See "Additional Terms of the
Securities--Market Disruption Events."
Calculation Agent:
BMO Capital Markets Corp. ("BMOCM").
For a discussion of the Canadian federal income tax considerations relating to an investment in the securities, please see the section of
Material Tax
the prospectus supplement, "Certain Income Tax Consequences ­ Certain Canadian Income Tax Considerations." For a discussion of
Consequences:
the material U.S. federal income tax consequences of the ownership and disposition of the securities, see the section below,
"Supplemental U.S. Federal Income Tax Considerations."
Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the securities. WFS will receive an agent discount of $22.40
per security. The agent may resell the securities to other securities dealers at the original offering price of the securities less a
concession not in excess of $17.50 per security. Such securities dealers may include Wells Fargo Advisors ("WFA") (the trade name of
the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network,
LLC). In addition to the concession allowed to WFA, WFS will pay $0.75 per security of the agent's discount to WFA as a distribution
expense fee for each security sold by WFA.
Agent:

The agent, BMOCM or one or more of their respective affiliates expects to realize hedging profits projected by their proprietary pricing
models to the extent they assume the risks inherent in hedging our obligations under the securities. If WFS or any other dealer
participating in the distribution of the securities or any of their affiliates conduct hedging activities for us in connection with the
securities, that dealer or its affiliates will expect to realize a profit projected by its proprietary pricing models from such hedging
activities. Any such projected profit will be in addition to any discount, concession or distribution expense fee received in connection
with the sale of the securities to you.
Denominations:
$1,000 and any integral multiple of $1,000.
CUSIP:
06367WVP5
The securities will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsection
No Conversion:
39.2(2.3) of the Canada Deposit Insurance Corporation Act (the "CDIC Act").


PRS-3

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Additional Information about the Issuer and the Securities

You should read this pricing supplement together with 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 securities 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. Information in this pricing supplement supersedes information in the
prospectus supplement and prospectus to the extent it is different form that information.

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):

·
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

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.


PRS-4

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Estimated Value of the Securities

Our estimated initial value of the securities on the date of this pricing supplement equals the sum of the values of the following hypothetical components:

·
a fixed-income debt component with the same tenor as the securities, valued using our internal funding rate for structured notes; and

·
one or more derivative transactions relating to the economic terms of the securities.

The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate
debt. The value of these derivative transactions are derived from our internal pricing models. These models are based on factors such as the traded market prices of
comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the estimated initial value of
the securities on the pricing date was determined based on market conditions at that time.

For more information about the estimated initial value of the securities, see "Risk Factors" below.


PRS-5

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Investor Considerations

We have designed the securities for investors who:

§ seek 200% leveraged exposure to the upside performance of the Index if the ending level is greater than the starting level, subject to the maximum return at maturity
of 28.00% of the original offering price;

§ desire to limit downside exposure to the Index through the 10% buffer;

§ understand that if the ending level is less than the starting level by more than 10%, they will receive less, and possibly 90% less, than the original offering price per
security at maturity;

§ are willing to forgo interest payments on the securities and dividends on the securities included in the Index; and

§ are willing to hold the securities until maturity.

The securities are not designed for, and may not be a suitable investment for, investors who:

§ seek a liquid investment or are unable or unwilling to hold the securities to maturity;

§ are unwilling to accept the risk that the ending level of the Index may decrease by more than 10% from the starting level;

§ seek uncapped exposure to the upside performance of the Index;

§ seek full return of the original offering price of the securities at stated maturity;

§ are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price, as set forth on the cover page of this
pricing supplement;

§ seek current income;

§ are unwilling to accept the risk of exposure to the Eurozone equity market;

§ seek exposure to the Index but are unwilling to accept the risk/return trade-offs inherent in the maturity payment amount for the securities;

§ are unwilling to accept the credit risk of Bank of Montreal to obtain exposure to the Index generally, or to the exposure to the Index that the securities provide
specifically; or

§ prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings.


PRS-6

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Determining Payment at Stated Maturity

On the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:



PRS-7

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Hypothetical Payout Profile

The following profile is based on the maximum return of 28.00% or $280.00 per security, a participation rate of 200% and a threshold level equal to 90% of the starting
level. This graph has been prepared for purposes of illustration only. Your actual return will depend on the actual ending level and whether you hold your securities to
maturity.




PRS-8

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Market Linked Securities--Leveraged Upside Participation to a Cap and Fixed Percentage Buffered
Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

Risk Factors

The securities have complex features and investing in the securities will involve risks not associated with an investment in conventional debt securities. You should
carefully consider the risk factors set forth below as well as the other information contained in this pricing supplement and the accompanying prospectus supplement
and prospectus, including the documents they incorporate by reference. As described in more detail below, the value of the securities may vary considerably before the
stated maturity date due to events that are difficult to predict and are beyond our control. You should reach an investment decision only after you have carefully
considered with your advisors the suitability of an investment in the securities in light of your particular circumstances.

If The Ending Level Is Less Than The Threshold Level, You Will Receive Less, And Possibly 90% Less, Than The Original Offering Price Of Your Securities
At Maturity.

We will not repay you a fixed amount on the securities on the stated maturity date. The maturity payment amount will depend on the direction of and percentage change
in the ending level of the Index relative to the starting level and the other terms of the securities. Because the level of the Index will be subject to market fluctuations,
the maturity payment amount you receive may be more or less, and possibly significantly less, than the original offering price of your securities.

If the ending level is less than the threshold level, the maturity payment amount that you receive at maturity will be reduced by an amount equal to the decline in the
level of the Index to the extent it is below the threshold level (expressed as a percentage of the starting level). The threshold level is 90% of the starting level. As a
result, you may receive less, and possibly 90% less, than the original offering price per security at maturity even if the level of the Index is greater than or equal to the
starting level or the threshold level at certain times during the term of the securities.

Even if the ending level is greater than the starting level, the amount you receive at stated maturity may only be slightly greater than the original offering price, and your
yield on the securities may be less than the yield you would earn if you bought a traditional interest-bearing debt security of ours or another issuer with a similar credit
rating with the same stated maturity date.

No Periodic Interest Will Be Paid On The Securities.

No periodic payments of interest will be made on the securities. However, if the agreed-upon tax treatment is successfully challenged by the Internal Revenue Service
(the "IRS"), you may be required to recognize taxable income over the term of the securities. You should review the section of this pricing supplement entitled
"Supplemental U.S. Federal Income Tax Considerations."

Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Index.

The opportunity to participate in the possible increases in the level of the Index through an investment in the securities will be limited because any positive return on the
securities will not exceed the maximum return. Furthermore, the effect of the participation rate will be progressively reduced for all ending levels exceeding the ending
level at which the maximum return is reached.

The Securities Are Subject To The Credit Risk Of Bank Of Montreal.

The securities are our obligations, and are not, either directly or indirectly, an obligation of any third party. Any amounts payable under the securities are subject to our
creditworthiness and you will have no ability to pursue the issuers of any securities included in the Index for payment. As a result, our actual and perceived
creditworthiness may affect the value of the securities and, in the event we were to default on our obligations under the securities, you may not receive any amounts
owed to you under the terms of the securities.

The Estimated Value Of The Securities On The Pricing Date, Based On Our Proprietary Pricing Models, Is Less Than The Original Offering Price.

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

The Terms Of The Securities Were Not Determined By Reference To The Credit Spreads For Our Conventional Fixed-Rate Debt.

To determine the terms of the securities, 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 securities are less favorable to you than if we had used a higher funding rate.


PRS-9

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Downside
Principal at Risk Securities Linked to the EURO STOXX 50® Index due March 4, 2022

The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which WFS Or Any Other Person May Be Willing To Buy The
Securities From You In The Secondary Market.

Our initial estimated value of the securities 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 Index, dividend rates and interest rates. Different pricing models and assumptions, including those
used by the agent, its affiliates or other market participants, could provide values for the securities 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 securities could change dramatically due to changes in market conditions, our creditworthiness, and the other factors set forth in
this pricing supplement. These changes are likely to impact the price, if any, at which WFS or its affiliates or any other party (including us or our affiliates) would be
willing to purchase the securities from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which WFS or any
other party (including us or our affiliates) would be willing to buy your securities in any secondary market at any time.

WFS has advised us that if it, WFA or any of their affiliates makes a secondary market in the securities at any time, the secondary market price offered by it, WFA or
any of their affiliates will be affected by changes in market conditions and other factors described in the next risk factor. WFS has advised us that if it, WFA or any of
their affiliates makes a secondary market in the securities at any time up to the issue date or during the 3-month period following the issue date, the secondary market
price offered by it, WFA or any of their affiliates will be increased by an amount reflecting a portion of the costs associated with selling, structuring and hedging the
securities that are included in their original offering price. Because this portion of the costs is not fully deducted upon issuance, WFS has advised us that any secondary
market price it, WFA or any of their affiliates offers during this period will be higher than it otherwise would be after this period, as any secondary market price offered
after this period will reflect the full deduction of the costs as described above. WFS has advised us that the amount of this increase in the secondary market price will
decline steadily to zero over this 3-month period. WFS has advised us that, if you hold the securities through an account at WFS, WFA or any of their affiliates, WFS
expects that this increase will also be reflected in the value indicated for the securities on your brokerage account statement. If you hold your securities through an
account at a broker-dealer other than WFS, WFA or any of their affiliates, the value of the securities on your brokerage account statement may be different than if you
held your securities at WFS, WFA or any of their affiliates.

The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

The value of the securities prior to stated maturity will be affected by the then-current level of the Index, interest rates at that time and a number of other factors, some
of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of another factor. The following factors, which we refer
to as the "derivative component factors," are expected to affect the value of the securities. When we refer to the "value" of your security, we mean the value you could
receive for your security if you are able to sell it in the open market before the stated maturity date.

·
Index Performance. The value of the securities prior to maturity will depend substantially on the then-current level of the Index. The price at which you may
be able to sell the securities before stated maturity may be at a discount, which could be substantial, from their original offering price, if the level of the Index
at such time is less than, equal to or not sufficiently above the starting level or threshold level.

·
Interest Rates. The value of the securities may be affected by changes in the interest rates in the U.S. and international markets.

·
Volatility Of The Index. Volatility is the term used to describe the size and frequency of market fluctuations. The value of the securities may be affected if
the volatility of the Index changes.

·
Time Remaining To Maturity. The value of the securities at any given time prior to maturity will likely be different from that which would be expected
based on the then-current level of the Index. This difference will most likely reflect a discount due to expectations and uncertainty concerning the level of the
Index during the period of time still remaining to the stated maturity date. In general, as the time remaining to maturity decreases, the value of the securities
will approach the amount that would be payable at maturity based on the then-current level of the Index.

·
Dividend Yields On Securities Included In The Index. The value of the securities may be affected by the dividend yields on securities included in the
Index.

·
Volatility Of Currency Exchange Rates. Since the level of the Index is based on the value of its component stocks as expressed in a foreign currency, the
value of the securities may be affected if the volatility of the exchange rate between the U.S. dollar and that foreign currency changes.

·
Correlation Between Currency Exchange Rates And The Index. Since the level of the Index is based on the value of its component stocks as expressed in
a foreign currency, the value of the securities may be affected by changes in the correlation between the exchange rate between the U.S. dollar and that foreign
currency and the Index.

In addition to the derivative component factors, the value of the securities will be affected by actual or anticipated changes in our creditworthiness. You should
understand that the impact of one of the factors specified above, such as a change in interest rates, may offset some or all of any change in the value of the securities
attributable to another factor, such as a change in the level of the Index. Because numerous factors are expected to affect the value of the securities, changes in the level
of the Index may not result in a comparable change in the value of the securities. We anticipate that the value of the securities will always be at a discount to the original
offering price plus the maximum return.


PRS-10

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