Published on 7/15/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $250,000 25.44% reverse exchangeables linked to Cheniere Energy
By Toni Weeks
San Diego, July 15 - Bank of Montreal priced $250,000 of 25.44% annualized reverse exchangeable notes due Oct. 18, 2011 linked to the common stock of Cheniere Energy, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Cheniere shares close below the trigger price - 65% 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 Cheniere 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: | Cheniere Energy, Inc. (Symbol: LNG)
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Amount: | $250,000
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Maturity date: | Oct. 18, 2011
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Coupon: | 25.44%, payable monthly
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Price: | Par
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Payout at maturity: | Par, unless Cheniere shares fall below $5.93, 65% of initial share price, during life of notes and finish below initial share price, in which case number of Cheniere shares equal to $1,000 divided by initial share price or value of those shares in cash
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Initial price: | $9.12
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Trigger price: | $5.93, 65% of initial
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Pricing date: | July 13
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Settlement date: | July 18
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366QRL3
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