Published on 6/29/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $171,000 12.25% reverse exchangeables linked to Cirrus Logic
By Toni Weeks
San Diego, June 29 - Bank of Montreal priced $171,000 of annualized 12.25% reverse exchangeable notes due Sept. 30, 2011 linked to the common stock of Cirrus Logic, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Cirrus Logic shares close below the trigger price - 75% 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 Cirrus Logic 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: | Cirrus Logic, Inc. (Symbol: CRUS)
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Amount: | $171,000
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Maturity date: | Sept. 30, 2011
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par, unless Cirrus Logic shares fall below $10.94, 75% of initial share price, during life of notes and finish below initial share price, in which case number of Cirrus Logic shares equal to $1,000 divided by initial share price or value of those shares in cash
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Initial price: | $14.59
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Trigger price: | $10.94, 75% of initial
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 06366QPJ0
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