Published on 1/28/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $165,000 19.75% reverse exchangeables linked to Sirius XM
By Susanna Moon
Chicago, Jan. 28 - Bank of Montreal priced $165,000 of 19.75% reverse exchangeable notes due April 29, 2011 based on the performance of Sirius XM Radio shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Sirius XM stock closes 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 shares of Sirius XM 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: | Sirius XM Radio (Nasdaq: SIRI)
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Amount: | $165,000
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Maturity: | April 29, 2011
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Coupon: | 19.75%, payable monthly
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Price: | Par
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Payout at maturity: | If Sirius XM stock closes below trigger price during life of notes and final share price is less than initial share price, number of Sirius XM shares equal to $1,000 divided by initial share price or value of those shares in cash; otherwise, par
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Initial share price: | $1.61
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Trigger price: | $1.29, or 80% of initial price
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366QCD7
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