Published on 12/23/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $400,000 9.02% reverse exchangeable notes linked to Hasbro
By Toni Weeks
San Diego, Dec. 23 - Bank of Montreal priced $400,000 of reverse exchangeable notes due June 27, 2012 linked to the common stock of Hasbro, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 9.02% per year. Interest is payable monthly.
The payout at maturity will be par unless Hasbro stock closes below the trigger price - 75% 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 shares of Hasbro stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the 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: | Hasbro, Inc. (Symbol: HAS)
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Amount: | $400,000
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Maturity: | June 27, 2012
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Coupon: | 9.02%, payable monthly
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Price: | Par
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Payout at maturity: | If Hasbro stock closes below trigger price during life of notes and final share price is less than initial share price, a number of Hasbro shares equal to $1,000 divided by initial share price or equivalent amount in cash; otherwise, par
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Initial share price: | $33.17
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Trigger price: | $24.88, 75% of initial share price
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06366QS99
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