Published on 5/17/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal sells $220,000 of 16.66% reverse exchangeables tied to DryShips
By Susanna Moon
Chicago, May 17 - Bank of Montreal priced $220,000 of 16.66% annualized reverse exchangeable notes due Aug. 22, 2011 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless DryShips shares close below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of DryShips shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Reverse exchangeable notes
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Underlying stock: | DryShips Inc. (Symbol: DRYS)
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Amount: | $220,000
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Maturity date: | Aug. 22, 2011
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Coupon: | 16.66%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless DryShips shares fall below trigger price during life of notes and finish below initial share price, in which case 225.2252 DryShips shares
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Initial price: | $4.44
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Trigger price: | $3.55, 80% of initial price
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Pricing date: | May 13
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Settlement date: | May 20
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Agent: | BMO Capital Markets Corp.
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Fees: | 2.25%
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Cusip: | 06366QLQ8
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