By Angela McDaniels
Tacoma, Wash., March 24 - Bank of Montreal priced $1.3 million of 0% contingent risk absolute return notes due March 28, 2016 linked to the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the ETF's closing share price is less than the barrier level, 72.5% of the initial share price, on any day during the life of the notes.
If the ETF return is positive, the payout at maturity will be par plus the ETF return. If the ETF return is not positive and a barrier event does not occur, the payout will be par plus the absolute value of the ETF return. If the ETF return is not positive and a barrier event does occur, investors will lose 1% for every 1% that the final share price is less than the initial share price.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Contingent risk absolute return notes
|
| Underlying ETF: | iShares MSCI EAFE
|
| Amount: | $1.3 million
|
| Maturity: | March 28, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ETF return is positive, par plus ETF return; if ETF return is not positive and barrier event does not occur, par plus absolute value of ETF return; if ETF return is not positive and barrier event does occur, 1% loss for every 1% that final share price is less than initial share price
|
| Barrier event: | ETF's shares close below barrier level on any day during life of notes
|
| Initial share price: | $65.29
|
| Barrier level: | $47.34, 72.5% of initial level
|
| Pricing date: | March 20
|
| Settlement date: | March 25
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | None
|
| Cusip: | 06366RTQ8
|
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