Published on 4/20/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $480,000 10.56% reverse exchangeables on iShares Silver Trust
By Jennifer Chiou
New York, April 20 - Bank of Montreal priced $480,000 of 10.56% annualized reverse exchangeable notes due July 21, 2011 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless iShares Silver shares close below the trigger price - 80% 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 iShares Silver 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
|
Issue: | Reverse exchangeable notes
|
Underlying asset: | iShares Silver Trust
|
Amount: | $480,000
|
Maturity date: | July 21, 2011
|
Coupon: | 10.56%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par unless iShares Silver shares fall below 80% of initial share price during life of notes and finish below initial share price, in which case number of iShares Silver shares equal to $1,000 divided by initial share price or value of those shares in cash
|
Initial price: | $42.43
|
Trigger price: | $33.94, 80% of initial price
|
Pricing date: | April 18
|
Settlement date: | April 21
|
Agent: | BMO Capital Markets Corp.
|
Fees: | 2%
|
Cusip: | 06366QHX8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.