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BMO to price notes linked to Raymond James tax reform basket of stocks
By Angela McDaniels
Tacoma, Wash., June 5 – Bank of Montreal plans to price 0% notes due Jan. 7, 2019 linked to a basket of stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the stocks of Apple Inc., Beacon Roofing Supply, Inc., Big Lots, Inc., Bioverativ Inc., BofI Holding, Inc., Comcast Corp., Cisco Systems, Inc., CSRA Inc., E*Trade Financial Corp., HCA Healthcare, Inc., Lannett Co., Inc., Republic Services, Inc., Synnex Corp., SVB Financial Group, SkyWest, Inc., Tempur Sealy International, Inc. and UnitedHealth Group Inc.
The stocks are securities selected by the equity research department of Raymond James & Associates, Inc. in May that may stand to benefit from the Trump administration tax plan announced in April.
Initially, the basket is equally weighted. Each cash dividend declared on a reference share will be deemed to be reinvested by the basket in additional shares of that reference share. The number of additional shares to be added to the basket will be determined based on the product of (a) the number of shares of that reference stock in the basket as of the applicable ex-dividend date multiplied by (b) the applicable dividend amount.
For each $1,000 principal amount of notes, the payout at maturity will be $1,000 multiplied by the basket level percentage – the final basket level divided by the initial basket level – multiplied by 97.35%. Because the participation rate is less than 100%, the basket level percentage must exceed 102.72% in order for investors to receive more than par.
For each stock, the initial share price will be the average of its average intraday prices on June 23, June 26 and June 27.
BMO Capital Markets Corp. is the agent.
The notes will settle June 30.
The Cusip number is 06367TXM7.
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