[6-K] Fortis Inc. Current Report (Foreign Issuer)
Bank of Montreal (BMO) is offering US$1.331 million of Senior Medium-Term Notes, Series K 鈥� 鈥淒igital Return Barrier Notes due August 10, 2026.鈥� The notes are linked to the least-performing of the S&P 500 Index (SPX) and Russell 2000 Index (RTY). Investors pay 100% of principal at settlement (July 08 2025) and receive a single payment at maturity (Aug 10 2026).
Pay-out structure
- Digital Return: 10.20% ($1,102 per $1,000) if the Final Level of the worst index is 鈮� 80% of its July 02 2025 Initial Level.
- Downside: If the Final Level is < 80%, principal is reduced point-for-point with the index decline (e.g., 鈥�30% index 鈫� $700; 鈥�100% 鈫� $0). No principal protection.
- No periodic coupons; the notes are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange.
Key terms
- Initial Levels: SPX 6,227.42; RTY 2,226.377
- Barrier/Digital Barrier: 80% of Initial Levels (SPX 4,981.94; RTY 1,781.102)
- Agent commission: 1.93%; net proceeds 98.07%
- Estimated initial value: $972.78 per $1,000 (鈮� 97.28%), reflecting structuring & hedging costs
- CUSIP: 06376EKW1; calculation & selling agent: BMO Capital Markets (BMOCM)
Primary risks
- Market risk: Any decline >20% in the worst index triggers dollar-for-dollar loss of principal up to 100%.
- Limited upside: Return capped at 10.20% even if indices rise substantially.
- Credit & liquidity risk: Payment depends on BMO credit; no exchange listing and BMOCM is not obliged to make a market.
- Pricing inefficiency: Purchase price exceeds estimated value by ~2.72%, plus potential bid-ask discounts in any secondary trading.
Bank of Montreal (BMO) offre Senior Medium-Term Notes per un valore di 1,331 milioni di dollari USA, Serie K 鈥� 鈥淒igital Return Barrier Notes con scadenza il 10 agosto 2026.鈥� Le note sono collegate all'indice peggiore tra l'S&P 500 (SPX) e il Russell 2000 (RTY). Gli investitori pagano il 100% del capitale a regolamento (8 luglio 2025) e ricevono un pagamento unico alla scadenza (10 agosto 2026).
Struttura del pagamento
- Rendimento digitale: 10,20% ($1.102 per ogni $1.000) se il livello finale dell'indice peggiore 猫 鈮� 80% del livello iniziale del 2 luglio 2025.
- Rischio al ribasso: Se il livello finale 猫 < 80%, il capitale si riduce proporzionalmente al calo dell'indice (es. 鈥�30% indice 鈫� $700; 鈥�100% 鈫� $0). Nessuna protezione del capitale.
- Non sono previsti coupon periodici; le note sono obbligazioni non garantite e non subordinate di BMO e non saranno quotate in alcuna borsa.
Termini principali
- Livelli iniziali: SPX 6.227,42; RTY 2.226,377
- Barriera/Barriera digitale: 80% dei livelli iniziali (SPX 4.981,94; RTY 1.781,102)
- Commissione agente: 1,93%; proventi netti 98,07%
- Valore iniziale stimato: $972,78 per $1.000 (circa 97,28%), che riflette i costi di strutturazione e copertura
- CUSIP: 06376EKW1; agente di calcolo e vendita: BMO Capital Markets (BMOCM)
Rischi principali
- Rischio di mercato: Qualsiasi calo superiore al 20% nell'indice peggiore comporta una perdita del capitale pari al calo fino al 100%.
- Rendimento limitato: Il rendimento 猫 fissato al 10,20% anche se gli indici aumentano notevolmente.
- Rischio di credito e liquidit脿: Il pagamento dipende dal credito di BMO; assenza di quotazione e BMOCM non 猫 obbligata a garantire la liquidit脿 del mercato.
- Prezzi non efficienti: Il prezzo d'acquisto supera il valore stimato di circa il 2,72%, oltre a possibili sconti bid-ask in eventuali negoziazioni secondarie.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por US$1.331 millones, Serie K 鈥� 鈥淒igital Return Barrier Notes con vencimiento el 10 de agosto de 2026.鈥� Las notas est谩n vinculadas al 铆ndice de peor desempe帽o entre el S&P 500 (SPX) y el Russell 2000 (RTY). Los inversionistas pagan el 100% del principal en liquidaci贸n (8 de julio de 2025) y reciben un pago 煤nico al vencimiento (10 de agosto de 2026).
Estructura de pago
- Retorno digital: 10.20% ($1,102 por cada $1,000) si el nivel final del 铆ndice peor es 鈮� 80% de su nivel inicial del 2 de julio de 2025.
- Riesgo a la baja: Si el nivel final es < 80%, el principal se reduce punto por punto con la ca铆da del 铆ndice (ej. 鈥�30% 铆ndice 鈫� $700; 鈥�100% 鈫� $0). Sin protecci贸n del principal.
- No hay cupones peri贸dicos; las notas son obligaciones no garantizadas y no subordinadas de BMO y no estar谩n listadas en ninguna bolsa.
T茅rminos clave
- Niveles iniciales: SPX 6,227.42; RTY 2,226.377
- Barrera/Barrera digital: 80% de los niveles iniciales (SPX 4,981.94; RTY 1,781.102)
- Comisi贸n del agente: 1.93%; ingresos netos 98.07%
- Valor inicial estimado: $972.78 por cada $1,000 (鈮� 97.28%), reflejando costos de estructuraci贸n y cobertura
- CUSIP: 06376EKW1; agente de c谩lculo y venta: BMO Capital Markets (BMOCM)
Riesgos principales
- Riesgo de mercado: Cualquier ca铆da >20% en el 铆ndice peor genera p茅rdida d贸lar a d贸lar del principal hasta el 100%.
- Retorno limitado: Retorno m谩ximo de 10.20% incluso si los 铆ndices suben considerablemente.
- Riesgo de cr茅dito y liquidez: El pago depende del cr茅dito de BMO; sin listado en bolsa y BMOCM no est谩 obligado a proveer mercado.
- Ineficiencia en el precio: El precio de compra excede el valor estimado en ~2.72%, m谩s posibles descuentos bid-ask en cualquier negociaci贸n secundaria.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 1,331毵� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴毂勱秾 鞁滊Μ歃� K 鈥� 鈥滊敂歆�韯� 毽劥 氚半Μ鞏� 雲疙姼(毵岅赴 2026雲� 8鞗� 10鞚�)鈥濍ゼ 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� S&P 500 歆�靾�(SPX)鞕� 霟厐 2000 歆�靾�(RTY) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾橃棎 鞐半彊霅╇媹雼�. 韴瀽鞛愲姅 瓴办牅鞚�(2025雲� 7鞗� 8鞚�)鞐� 鞗愱笀 100%毳� 歆�旮夗晿氅�, 毵岅赴鞚�(2026雲� 8鞗� 10鞚�)鞐� 雼澕 歆�旮夓潉 氚涭姷雼堧嫟.
歆�旮� 甑“
- 霐旍韯� 毽劥: 斓滌晠鞚� 歆�靾� 斓滌 靾橃鞚� 2025雲� 7鞗� 2鞚� 齑堦赴 靾橃鞚� 80% 鞚挫儊鞚� 瓴届毎 10.20% 靾橃澋 ($1,000雼� $1,102 歆�旮�).
- 頃橂澖 鞙勴棙: 斓滌 靾橃鞚� 80% 氙鸽鞚措┐ 歆�靾� 頃橂澖韽韥� 鞗愱笀鞚� 臧愳唽頃╇媹雼�(鞓�: 歆�靾� 鈥�30% 鈫� $700; 鈥�100% 鈫� $0). 鞗愱笀 氤错樃 鞐嗢潓.
- 鞝曣赴 炜犿彴 鞐嗢潓; 鞚� 雲疙姼電� BMO鞚� 氍措嫶氤�, 牍勴泟靾滌渼 毂勲鞚措┌, 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌姷雼堧嫟.
欤检殧 臁瓣贝
- 齑堦赴 靾橃: SPX 6,227.42; RTY 2,226.377
- 氚半Μ鞏�/霐旍韯� 氚半Μ鞏�: 齑堦赴 靾橃鞚� 80% (SPX 4,981.94; RTY 1,781.102)
- 雽�毽澑 靾橃垬耄�: 1.93%; 靾滌垬鞚� 98.07%
- 於旍爼 齑堦赴 臧�旃�: $1,000雼� $972.78 (鞎� 97.28%), 甑“頇� 氚� 項れ 牍勳毄 氚橃榿
- CUSIP: 06376EKW1; 瓿勳偘 氚� 韺愲Г 雽�毽澑: BMO Capital Markets (BMOCM)
欤检殧 鞙勴棙
- 鞁滌灔 鞙勴棙: 斓滌晠鞚� 歆�靾橁皜 20% 鞚挫儊 頃橂澖頃橂┐ 鞗愱笀鞚� 頃橂澖頃� 毵岉伡 鞝勳暋 靻愳嫟霅� 靾� 鞛堨姷雼堧嫟.
- 靸侅姽 鞝滍暅: 歆�靾橁皜 韥矊 靸侅姽頃措弰 靾橃澋毳犾潃 10.20%搿� 鞝滍暅霅╇媹雼�.
- 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙: 歆�旮夓潃 BMO 鞁犾毄霃勳棎 鞚橃〈頃橂┌, 瓯半灅靻� 靸侅灔鞚� 鞐嗞碃 BMOCM鞚� 鞁滌灔 臁办劚鞚� 氤挫灔頃橃 鞎婌姷雼堧嫟.
- 臧�瓴� 牍勴毃鞙劚: 毵れ垬臧�臧� 於旍爼 臧�旃橂炒雼� 鞎� 2.72% 雴掛溂氅�, 2彀� 瓯半灅 鞁� 毵る弰路毵れ垬 彀澋 頃犾澑 臧�電レ劚鞚� 鞛堨姷雼堧嫟.
La Banque de Montr茅al (BMO) propose des Senior Medium-Term Notes d鈥檜n montant de 1,331 million de dollars US, s茅rie K 鈥� 芦 Digital Return Barrier Notes 茅ch茅ance 10 ao没t 2026 禄. Ces notes sont li茅es 脿 l'indice le moins performant entre le S&P 500 (SPX) et le Russell 2000 (RTY). Les investisseurs paient 100 % du principal 脿 la date de r猫glement (8 juillet 2025) et re莽oivent un paiement unique 脿 l鈥櫭ヽh茅ance (10 ao没t 2026).
Structure de paiement
- Rendement digital : 10,20 % (1 102 $ pour 1 000 $) si le niveau final de l鈥檌ndice le plus faible est 鈮� 80 % de son niveau initial au 2 juillet 2025.
- Risque 脿 la baisse : Si le niveau final est < 80 %, le principal est r茅duit proportionnellement 脿 la baisse de l鈥檌ndice (ex. : 鈥�30 % indice 鈫� 700 $ ; 鈥�100 % 鈫� 0 $). Pas de protection du capital.
- Pas de coupons p茅riodiques ; les notes sont des obligations non s茅curis茅es, non subordonn茅es de BMO et ne seront pas cot茅es en bourse.
Conditions cl茅s
- Niveaux initiaux : SPX 6 227,42 ; RTY 2 226,377
- Barri猫re/Barri猫re digitale : 80 % des niveaux initiaux (SPX 4 981,94 ; RTY 1 781,102)
- Commission de l鈥檃gent : 1,93 % ; produit net 98,07 %
- Valeur initiale estim茅e : 972,78 $ pour 1 000 $ (鈮� 97,28 %), tenant compte des co没ts de structuration et de couverture
- CUSIP : 06376EKW1 ; agent de calcul et de vente : BMO Capital Markets (BMOCM)
Principaux risques
- Risque de march茅 : Toute baisse sup茅rieure 脿 20 % de l鈥檌ndice le plus faible entra卯ne une perte en capital au prorata jusqu鈥櫭� 100 %.
- Rendement limit茅 : Le rendement est plafonn茅 脿 10,20 % m锚me si les indices augmentent fortement.
- Risque de cr茅dit et de liquidit茅 : Le paiement d茅pend de la solvabilit茅 de BMO ; pas de cotation en bourse et BMOCM n鈥檈st pas tenu d鈥檃ssurer un march茅.
- Inefficacit茅 de prix : Le prix d鈥檃chat d茅passe la valeur estim茅e d鈥檈nviron 2,72 %, plus d鈥櫭﹙entuelles d茅cotes sur le spread lors de toute revente secondaire.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Umfang von 1,331 Millionen US-Dollar, Serie K 鈥� 鈥濪igital Return Barrier Notes mit F盲lligkeit am 10. August 2026.鈥� Die Notes sind an den schlechtesten der Indizes S&P 500 (SPX) und Russell 2000 (RTY) gekoppelt. Anleger zahlen 100 % des Kapitals bei Abrechnung (08. Juli 2025) und erhalten eine Einmalzahlung bei F盲lligkeit (10. August 2026).
Auszahlungsstruktur
- Digitaler Ertrag: 10,20 % (1.102 $ pro 1.000 $), wenn das Endniveau des schlechtesten Index 鈮� 80 % des Anfangsniveaus vom 2. Juli 2025 ist.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt das Endniveau unter 80 %, wird das Kapital entsprechend dem Indexverlust punktgenau reduziert (z. B. 鈥�30 % Index 鈫� 700 $; 鈥�100 % 鈫� 0 $). Kein Kapitalschutz.
- Keine periodischen Kupons; die Notes sind ungesicherte, nicht nachrangige Verbindlichkeiten von BMO und werden an keiner B枚rse notiert.
Wesentliche Bedingungen
- Anfangsniveaus: SPX 6.227,42; RTY 2.226,377
- Barriere/Digitale Barriere: 80 % der Anfangsniveaus (SPX 4.981,94; RTY 1.781,102)
- Agenturprovision: 1,93 %; Nettoerl枚s 98,07 %
- Gesch盲tzter Anfangswert: 972,78 $ pro 1.000 $ (鈮� 97,28 %), unter Ber眉cksichtigung von Strukturierungs- und Absicherungskosten
- CUSIP: 06376EKW1; Berechnungs- und Verkaufsagent: BMO Capital Markets (BMOCM)
Hauptrisiken
- Marktrisiko: Jeder R眉ckgang von mehr als 20 % im schlechtesten Index f眉hrt zu einem Dollar-f眉r-Dollar-Kapitalverlust bis zu 100 %.
- Begrenztes Aufw盲rtspotenzial: Die Rendite ist auf 10,20 % begrenzt, auch wenn die Indizes stark steigen.
- Kredit- und Liquidit盲tsrisiko: Die Zahlung h盲ngt von der Bonit盲t von BMO ab; keine B枚rsennotierung und BMOCM ist nicht verpflichtet, einen Markt bereitzustellen.
- Preisineffizienz: Der Kaufpreis 眉bersteigt den gesch盲tzten Wert um etwa 2,72 %, zuz眉glich m枚glicher Geld-Brief-Spannenrabatte bei sekund盲ren Handelsgesch盲ften.
- 10.20% fixed digital return achievable even if indices fall up to 19.99%, offering higher potential than many short-term IG bonds.
- Short 13-month tenor limits exposure duration compared with longer structured products.
- Diversified reference assets across large-cap (SPX) and small-cap (RTY) U.S. equities.
- Unlimited downside after a 20% drop in the worst index, exposing investor to full equity risk.
- Return cap at 10.20% eliminates participation in any upside beyond the digital level.
- Pricing premium: issue price exceeds estimated value by about 2.72% plus 1.93% commission.
- No secondary-market listing; liquidity solely dependent on BMOCM's willingness to bid.
- Credit risk of Bank of Montreal; note holders rank pari-passu with other senior debt.
- High correlation between SPX and RTY reduces diversification benefit and increases barrier-breach probability.
Insights
TL;DR: 10.2% capped return, full downside after 鈥�20%; pricing includes 2.7% premium and credit risk of BMO.
The notes suit tactical investors who expect SPX and RTY to stay flat to mildly negative over the next 13 months. A fixed 10.20% gain is attractive relative to short-dated investment-grade yields, but the payoff is binary: a 19.9% index drop still earns the full digital payout, whereas a 20.01% decline slashes principal. The embedded option is inexpensive for BMO: the bank retains upside beyond 10.2% and passes 1-to-1 downside to the buyer. The initial value (97.278%) versus issue price (100%) shows typical dealer margin, while the 1.93% selling concession plus hedge cost erode secondary value. Credit-spread widening or equity volatility spikes can pressure note prices well before maturity. Overall, risk-adjusted return is modest; I view impact as neutral for diversified portfolios.
TL;DR: High left-tail risk, no liquidity, limited upside鈥攊nstrument skews risk/return against holder.
From a portfolio hedging standpoint these notes add significant tail exposure: any protracted bear market >20% wipes out capital linearly. Correlation between SPX and RTY is high, so diversification benefit is minimal; probability of barrier breach in recessionary scenarios is material. With no interim coupons, carry is zero until maturity, leaving owners vulnerable to mark-to-market swings and credit spread fatigue. The lack of listing constrains exit routes; BMOCM鈥檚 discretionary bid adds further uncertainty. Given these characteristics, the note is best classified as a speculative alternative to short-horizon equity exposure rather than fixed-income substitute. I assign a negative impact score.
Bank of Montreal (BMO) offre Senior Medium-Term Notes per un valore di 1,331 milioni di dollari USA, Serie K 鈥� 鈥淒igital Return Barrier Notes con scadenza il 10 agosto 2026.鈥� Le note sono collegate all'indice peggiore tra l'S&P 500 (SPX) e il Russell 2000 (RTY). Gli investitori pagano il 100% del capitale a regolamento (8 luglio 2025) e ricevono un pagamento unico alla scadenza (10 agosto 2026).
Struttura del pagamento
- Rendimento digitale: 10,20% ($1.102 per ogni $1.000) se il livello finale dell'indice peggiore 猫 鈮� 80% del livello iniziale del 2 luglio 2025.
- Rischio al ribasso: Se il livello finale 猫 < 80%, il capitale si riduce proporzionalmente al calo dell'indice (es. 鈥�30% indice 鈫� $700; 鈥�100% 鈫� $0). Nessuna protezione del capitale.
- Non sono previsti coupon periodici; le note sono obbligazioni non garantite e non subordinate di BMO e non saranno quotate in alcuna borsa.
Termini principali
- Livelli iniziali: SPX 6.227,42; RTY 2.226,377
- Barriera/Barriera digitale: 80% dei livelli iniziali (SPX 4.981,94; RTY 1.781,102)
- Commissione agente: 1,93%; proventi netti 98,07%
- Valore iniziale stimato: $972,78 per $1.000 (circa 97,28%), che riflette i costi di strutturazione e copertura
- CUSIP: 06376EKW1; agente di calcolo e vendita: BMO Capital Markets (BMOCM)
Rischi principali
- Rischio di mercato: Qualsiasi calo superiore al 20% nell'indice peggiore comporta una perdita del capitale pari al calo fino al 100%.
- Rendimento limitato: Il rendimento 猫 fissato al 10,20% anche se gli indici aumentano notevolmente.
- Rischio di credito e liquidit脿: Il pagamento dipende dal credito di BMO; assenza di quotazione e BMOCM non 猫 obbligata a garantire la liquidit脿 del mercato.
- Prezzi non efficienti: Il prezzo d'acquisto supera il valore stimato di circa il 2,72%, oltre a possibili sconti bid-ask in eventuali negoziazioni secondarie.
Bank of Montreal (BMO) ofrece Notas Senior a Medio Plazo por US$1.331 millones, Serie K 鈥� 鈥淒igital Return Barrier Notes con vencimiento el 10 de agosto de 2026.鈥� Las notas est谩n vinculadas al 铆ndice de peor desempe帽o entre el S&P 500 (SPX) y el Russell 2000 (RTY). Los inversionistas pagan el 100% del principal en liquidaci贸n (8 de julio de 2025) y reciben un pago 煤nico al vencimiento (10 de agosto de 2026).
Estructura de pago
- Retorno digital: 10.20% ($1,102 por cada $1,000) si el nivel final del 铆ndice peor es 鈮� 80% de su nivel inicial del 2 de julio de 2025.
- Riesgo a la baja: Si el nivel final es < 80%, el principal se reduce punto por punto con la ca铆da del 铆ndice (ej. 鈥�30% 铆ndice 鈫� $700; 鈥�100% 鈫� $0). Sin protecci贸n del principal.
- No hay cupones peri贸dicos; las notas son obligaciones no garantizadas y no subordinadas de BMO y no estar谩n listadas en ninguna bolsa.
T茅rminos clave
- Niveles iniciales: SPX 6,227.42; RTY 2,226.377
- Barrera/Barrera digital: 80% de los niveles iniciales (SPX 4,981.94; RTY 1,781.102)
- Comisi贸n del agente: 1.93%; ingresos netos 98.07%
- Valor inicial estimado: $972.78 por cada $1,000 (鈮� 97.28%), reflejando costos de estructuraci贸n y cobertura
- CUSIP: 06376EKW1; agente de c谩lculo y venta: BMO Capital Markets (BMOCM)
Riesgos principales
- Riesgo de mercado: Cualquier ca铆da >20% en el 铆ndice peor genera p茅rdida d贸lar a d贸lar del principal hasta el 100%.
- Retorno limitado: Retorno m谩ximo de 10.20% incluso si los 铆ndices suben considerablemente.
- Riesgo de cr茅dito y liquidez: El pago depende del cr茅dito de BMO; sin listado en bolsa y BMOCM no est谩 obligado a proveer mercado.
- Ineficiencia en el precio: El precio de compra excede el valor estimado en ~2.72%, m谩s posibles descuentos bid-ask en cualquier negociaci贸n secundaria.
氡呿伂 鞓る笇 氇姼毽槵(BMO)鞚� 1,331毵� 雼煬 攴滊鞚� 鞁滊媹鞏� 欷戧赴毂勱秾 鞁滊Μ歃� K 鈥� 鈥滊敂歆�韯� 毽劥 氚半Μ鞏� 雲疙姼(毵岅赴 2026雲� 8鞗� 10鞚�)鈥濍ゼ 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� S&P 500 歆�靾�(SPX)鞕� 霟厐 2000 歆�靾�(RTY) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾橃棎 鞐半彊霅╇媹雼�. 韴瀽鞛愲姅 瓴办牅鞚�(2025雲� 7鞗� 8鞚�)鞐� 鞗愱笀 100%毳� 歆�旮夗晿氅�, 毵岅赴鞚�(2026雲� 8鞗� 10鞚�)鞐� 雼澕 歆�旮夓潉 氚涭姷雼堧嫟.
歆�旮� 甑“
- 霐旍韯� 毽劥: 斓滌晠鞚� 歆�靾� 斓滌 靾橃鞚� 2025雲� 7鞗� 2鞚� 齑堦赴 靾橃鞚� 80% 鞚挫儊鞚� 瓴届毎 10.20% 靾橃澋 ($1,000雼� $1,102 歆�旮�).
- 頃橂澖 鞙勴棙: 斓滌 靾橃鞚� 80% 氙鸽鞚措┐ 歆�靾� 頃橂澖韽韥� 鞗愱笀鞚� 臧愳唽頃╇媹雼�(鞓�: 歆�靾� 鈥�30% 鈫� $700; 鈥�100% 鈫� $0). 鞗愱笀 氤错樃 鞐嗢潓.
- 鞝曣赴 炜犿彴 鞐嗢潓; 鞚� 雲疙姼電� BMO鞚� 氍措嫶氤�, 牍勴泟靾滌渼 毂勲鞚措┌, 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌姷雼堧嫟.
欤检殧 臁瓣贝
- 齑堦赴 靾橃: SPX 6,227.42; RTY 2,226.377
- 氚半Μ鞏�/霐旍韯� 氚半Μ鞏�: 齑堦赴 靾橃鞚� 80% (SPX 4,981.94; RTY 1,781.102)
- 雽�毽澑 靾橃垬耄�: 1.93%; 靾滌垬鞚� 98.07%
- 於旍爼 齑堦赴 臧�旃�: $1,000雼� $972.78 (鞎� 97.28%), 甑“頇� 氚� 項れ 牍勳毄 氚橃榿
- CUSIP: 06376EKW1; 瓿勳偘 氚� 韺愲Г 雽�毽澑: BMO Capital Markets (BMOCM)
欤检殧 鞙勴棙
- 鞁滌灔 鞙勴棙: 斓滌晠鞚� 歆�靾橁皜 20% 鞚挫儊 頃橂澖頃橂┐ 鞗愱笀鞚� 頃橂澖頃� 毵岉伡 鞝勳暋 靻愳嫟霅� 靾� 鞛堨姷雼堧嫟.
- 靸侅姽 鞝滍暅: 歆�靾橁皜 韥矊 靸侅姽頃措弰 靾橃澋毳犾潃 10.20%搿� 鞝滍暅霅╇媹雼�.
- 鞁犾毄 氚� 鞙犽彊靹� 鞙勴棙: 歆�旮夓潃 BMO 鞁犾毄霃勳棎 鞚橃〈頃橂┌, 瓯半灅靻� 靸侅灔鞚� 鞐嗞碃 BMOCM鞚� 鞁滌灔 臁办劚鞚� 氤挫灔頃橃 鞎婌姷雼堧嫟.
- 臧�瓴� 牍勴毃鞙劚: 毵れ垬臧�臧� 於旍爼 臧�旃橂炒雼� 鞎� 2.72% 雴掛溂氅�, 2彀� 瓯半灅 鞁� 毵る弰路毵れ垬 彀澋 頃犾澑 臧�電レ劚鞚� 鞛堨姷雼堧嫟.
La Banque de Montr茅al (BMO) propose des Senior Medium-Term Notes d鈥檜n montant de 1,331 million de dollars US, s茅rie K 鈥� 芦 Digital Return Barrier Notes 茅ch茅ance 10 ao没t 2026 禄. Ces notes sont li茅es 脿 l'indice le moins performant entre le S&P 500 (SPX) et le Russell 2000 (RTY). Les investisseurs paient 100 % du principal 脿 la date de r猫glement (8 juillet 2025) et re莽oivent un paiement unique 脿 l鈥櫭ヽh茅ance (10 ao没t 2026).
Structure de paiement
- Rendement digital : 10,20 % (1 102 $ pour 1 000 $) si le niveau final de l鈥檌ndice le plus faible est 鈮� 80 % de son niveau initial au 2 juillet 2025.
- Risque 脿 la baisse : Si le niveau final est < 80 %, le principal est r茅duit proportionnellement 脿 la baisse de l鈥檌ndice (ex. : 鈥�30 % indice 鈫� 700 $ ; 鈥�100 % 鈫� 0 $). Pas de protection du capital.
- Pas de coupons p茅riodiques ; les notes sont des obligations non s茅curis茅es, non subordonn茅es de BMO et ne seront pas cot茅es en bourse.
Conditions cl茅s
- Niveaux initiaux : SPX 6 227,42 ; RTY 2 226,377
- Barri猫re/Barri猫re digitale : 80 % des niveaux initiaux (SPX 4 981,94 ; RTY 1 781,102)
- Commission de l鈥檃gent : 1,93 % ; produit net 98,07 %
- Valeur initiale estim茅e : 972,78 $ pour 1 000 $ (鈮� 97,28 %), tenant compte des co没ts de structuration et de couverture
- CUSIP : 06376EKW1 ; agent de calcul et de vente : BMO Capital Markets (BMOCM)
Principaux risques
- Risque de march茅 : Toute baisse sup茅rieure 脿 20 % de l鈥檌ndice le plus faible entra卯ne une perte en capital au prorata jusqu鈥櫭� 100 %.
- Rendement limit茅 : Le rendement est plafonn茅 脿 10,20 % m锚me si les indices augmentent fortement.
- Risque de cr茅dit et de liquidit茅 : Le paiement d茅pend de la solvabilit茅 de BMO ; pas de cotation en bourse et BMOCM n鈥檈st pas tenu d鈥檃ssurer un march茅.
- Inefficacit茅 de prix : Le prix d鈥檃chat d茅passe la valeur estim茅e d鈥檈nviron 2,72 %, plus d鈥櫭﹙entuelles d茅cotes sur le spread lors de toute revente secondaire.
Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Umfang von 1,331 Millionen US-Dollar, Serie K 鈥� 鈥濪igital Return Barrier Notes mit F盲lligkeit am 10. August 2026.鈥� Die Notes sind an den schlechtesten der Indizes S&P 500 (SPX) und Russell 2000 (RTY) gekoppelt. Anleger zahlen 100 % des Kapitals bei Abrechnung (08. Juli 2025) und erhalten eine Einmalzahlung bei F盲lligkeit (10. August 2026).
Auszahlungsstruktur
- Digitaler Ertrag: 10,20 % (1.102 $ pro 1.000 $), wenn das Endniveau des schlechtesten Index 鈮� 80 % des Anfangsniveaus vom 2. Juli 2025 ist.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Liegt das Endniveau unter 80 %, wird das Kapital entsprechend dem Indexverlust punktgenau reduziert (z. B. 鈥�30 % Index 鈫� 700 $; 鈥�100 % 鈫� 0 $). Kein Kapitalschutz.
- Keine periodischen Kupons; die Notes sind ungesicherte, nicht nachrangige Verbindlichkeiten von BMO und werden an keiner B枚rse notiert.
Wesentliche Bedingungen
- Anfangsniveaus: SPX 6.227,42; RTY 2.226,377
- Barriere/Digitale Barriere: 80 % der Anfangsniveaus (SPX 4.981,94; RTY 1.781,102)
- Agenturprovision: 1,93 %; Nettoerl枚s 98,07 %
- Gesch盲tzter Anfangswert: 972,78 $ pro 1.000 $ (鈮� 97,28 %), unter Ber眉cksichtigung von Strukturierungs- und Absicherungskosten
- CUSIP: 06376EKW1; Berechnungs- und Verkaufsagent: BMO Capital Markets (BMOCM)
Hauptrisiken
- Marktrisiko: Jeder R眉ckgang von mehr als 20 % im schlechtesten Index f眉hrt zu einem Dollar-f眉r-Dollar-Kapitalverlust bis zu 100 %.
- Begrenztes Aufw盲rtspotenzial: Die Rendite ist auf 10,20 % begrenzt, auch wenn die Indizes stark steigen.
- Kredit- und Liquidit盲tsrisiko: Die Zahlung h盲ngt von der Bonit盲t von BMO ab; keine B枚rsennotierung und BMOCM ist nicht verpflichtet, einen Markt bereitzustellen.
- Preisineffizienz: Der Kaufpreis 眉bersteigt den gesch盲tzten Wert um etwa 2,72 %, zuz眉glich m枚glicher Geld-Brief-Spannenrabatte bei sekund盲ren Handelsgesch盲ften.
FAQ
What digital return do BMO's Digital Return Barrier Notes offer?
When do the notes linked to SPX and RTY mature?
What happens if the least-performing index falls more than 20%?
How does the initial estimated value compare to the purchase price?
Are the notes insured or exchange-listed?
