Published on 6/17/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $16,000 26.5% reverse exchangeables linked to Harbin Electric
By Toni Weeks
San Diego, June 17 - Bank of Montreal priced $16,000 of 26.5% annualized reverse exchangeable notes due Sept. 20, 2011 linked to the common stock of Harbin Electric, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Harbin shares close below the trigger price - 70% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Harbin shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Reverse exchangeable notes
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Underlying stock: | Harbin Electric, Inc. (Symbol: HRBN)
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Amount: | $16,000
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Maturity date: | Sept. 20, 2011
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Coupon: | 26.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par, unless Harbin shares fall below $10.01, 70% of initial share price, during life of notes and finish below initial share price, in which case number of Harbin shares equal to $1,000 divided by initial share price or value of those shares in cash
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Initial price: | $14.30
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Trigger price: | $10.01, 70% of initial
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Pricing date: | June 15
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Settlement date: | June 20
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.75
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Cusip: | 06366QLU9
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