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Prospect News home > News index > List of issuers I > Headlines for iShares Silver Trust and the Market Vectors Gold Miners exchange-traded fund > News item |
Bank of Montreal plans 10.5% reverse exchangeables on iShares Silver
By Jennifer Chiou
New York, June 26 - Bank of Montreal plans to price 10.5% reverse exchangeable notes due Jan. 31, 2013 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the fund ever closes below the 85% trigger level during the life of the notes and finishes below the initial price, in which case the payout will be a number of shares equal to $1,000 divided by the initial price or, at the issuer's option, the cash equivalent.
The notes (Cusip: 06366RFU4) will price on July 26 and settle on July 31.
BMO Capital Markets Corp. is the agent.
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