Bank of Montreal plans 9% reverse exchangeables linked to Baidu

By Toni Weeks

San Diego, March 1 - Bank of Montreal plans to price 9% annualized reverse exchangeable notes due June 18, 2012 linked to Baidu, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Baidu stock closes below the 80% trigger level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Baidu shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

The notes (Cusip: 06366Q3X3) will price on March 13 and settle on March 16.

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