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Bank of Montreal plans digital return notes linked to iShares Silver
By Angela McDaniels
Tacoma, Wash., June 15 - Bank of Montreal plans to price 0% buffered bullish digital return notes due June 28, 2013 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the trust return is positive, the payout at maturity will be par plus the digital return. Investors will receive par if the trust falls by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
The digital return is expected to be 25.5% to 27.5% and will be set at pricing.
The notes (Cusip: 06366QNW3) are expected to price June 27 and settle June 30.
BMO Capital Markets Corp. is the agent.
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