Published on 4/28/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $96,000 12.5% reverse exchangeables on Hecla
By Susanna Moon
Chicago, April 28 - Bank of Montreal priced $96,000 of 12.5% annualized reverse exchangeable notes due July 29, 2011 linked to Hecla Mining Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Hecla shares close 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 Hecla shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
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: | Hecla Mining Co. (Symbol: HL)
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Amount: | $96,000
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Maturity: | July 29, 2011
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock dips below trigger during life of notes and finishes below initial share price, in which case 109.529 Hecla shares
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Initial price: | $9.13
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Trigger price: | $6.85, 75% of initial
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366QHD2
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