Published on 10/31/2018 in the Prospect News Structured Products Daily.
New Issue: BMO sells $390,000 notes on eight Raymond James biotechnology top picks
By Marisa Wong
Morgantown, W.Va., Oct. 31 – Bank of Montreal priced $390,000 of 0% notes linked to Raymond James Biotechnology Sector Top Selections due April 30, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of eight common equity securities of entities engaged in the biotechnology industry selected in September by Raymond James & Associates, Inc. The reference shares are Gilead Sciences, Inc., Intercept Pharmaceuticals, Inc., Incyte Corp., Spark Therapeutics, Inc., Regenxbio Inc., Sage Therapeutics, Inc., Viking Therapeutics, Inc. and Vertex Pharmaceuticals Inc.
The payout at maturity will be par plus 200% of any basket gain, up to a maximum payout of par plus 38.6%. If the basket falls by up to 10%, the payout will be par. Otherwise, investors will be exposed to losses beyond 10%.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Notes linked to Raymond James Biotechnology Sector Top Selections
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| Underlying basket: | Gilead Sciences, Inc. (Symbol: GILD), Intercept Pharmaceuticals, Inc. (Symbol: ICPT), Incyte Corp. (Symbol: INCY), Spark Therapeutics, Inc. (Symbol: ONCE), Regenxbio Inc. (Symbol: RGNX), Sage Therapeutics, Inc. (Symbol: SAGE), Viking Therapeutics, Inc. (Symbol: VKTX) and Vertex Pharmaceuticals Inc. (Symbol: VRTX); equally weighted
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| Amount: | $390,000
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| Maturity: | April 30, 2020
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus 200% of any basket gain, up to a maximum payout of par plus 38.6%; par if the basket falls by up to 10%; otherwise, exposure to losses beyond 10%
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| Initial prices: | $73.27 for Gilead, $95.72 for Intercept, $66.06 for Incyte, $47.76 for Spark, $58.37 for Regenxbio, $122.32 for Sage, $13.83 for Viking, $175.69 for Vertex
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 26
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| Agent: | BMO Capital Markets Corp.
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| Fees: | None
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| Cusip: | 06367WDP5
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