Published on 12/1/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $34.48 million Raymond James/Sabrient Systems GARP equity-tied notes
By Tali Rackner
Norfolk, Va., Dec. 1 – Bank of Montreal priced $34.48 million of Raymond James/Sabrient Systems GARP equity-linked notes, series 2 due Nov. 30, 2016, linked to a basket of 25 companies, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying companies are AmerisourceBergen Corp., Alaska Air Group, Inc., AMAG Pharmaceuticals, Inc., AmSurg Corp., ArcBest Corp., Brunswick Corp., Carnival Corp., CDW Corp., CenterState Banks, Inc., Delta Air Lines, Inc., DR Horton Inc., Ethan Allen Interiors Inc., Expedia Inc., FedEx Corp., Alphabet Inc., Ingram Micro Inc., Jabil Circuit Inc., JetBlue Airways Corp., Mednax, Inc., Michaels Cos., Inc., ON Semiconductor, Skyworks Solutions Inc., Tesoro Logistics LP, T-Mobile US, Inc. and Toll Brothers Inc. Each company has a 4% weight.
The payout at maturity will be par plus 97% of the basket return. Because the participation rate is less than 100%, the basket level percentage must exceed roughly 103.09% in order to break even.
The initial share price of each stock was determined over three averaging dates – Nov. 20, Nov. 23 and Nov. 24. Likewise, the final share price of each stock will be determined over three valuation dates, which are Nov. 23, 2016, Nov. 25, 2016, and Nov. 28, 2016.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Raymond James/Sabrient Systems GARP equity-linked notes, series 2
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| Underlying companies: | AmerisourceBergen Corp., Alaska Air Group, Inc., AMAG Pharmaceuticals, Inc., AmSurg Corp., ArcBest Corp., Brunswick Corp., Carnival Corp., CDW Corp., CenterState Banks, Inc., Delta Air Lines, Inc., DR Horton Inc., Ethan Allen Interiors Inc., Expedia Inc., FedEx Corp., Alphabet Inc., Ingram Micro Inc., Jabil Circuit Inc., JetBlue Airways Corp., Mednax, Inc., Michaels Cos., Inc., ON Semiconductor, Skyworks Solutions Inc., Tesoro Logistics LP, T-Mobile US, Inc. and Toll Brothers Inc.; equally weighted
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| Amount: | $34,477,000
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| Maturity: | Nov. 30, 2016
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| Coupon: | None
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| Price: | Par of $1,000
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| Payout at maturity: | 97% of sum of par plus basket return; basket level must exceed 103.09% to break even
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 27
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| Agent: | BMO Capital Markets Corp.
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| Fees: | 2%
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| Cusip: | 06366R3K9
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