Published on 5/17/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $10,000 reverse exchangeable notes linked to Weatherford International
New York, May 17 - Bank of Montreal priced $10,000 of 12% annualized reverse exchangeable notes due Aug. 20 linked to the common stock of Weatherford International Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Weatherford International stock closes below the trigger level, 80% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of shares of Weatherford International stock 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: | Weatherford International Ltd. (Symbol: WFT)
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Amount: | $10,000
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Maturity: | Aug. 20
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Coupon: | 12% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If Weatherford International stock ever closes below trigger price and finishes below initial share price, a number of Weatherford International shares equal to $1,000 divided by the initial share price; otherwise, par
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Initial share price: | $12.45
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Trigger price: | $9.96, 80% of initial price
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Pricing date: | May 15
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Settlement date: | May 18
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Underwriters: | BMO Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 06366RBD6
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