Bank of Montreal to price notes linked to Raymond James stock picks

By Jennifer Chiou

New York, Nov. 16 - Bank of Montreal plans to price 0% senior medium-term notes, series B, due Dec. 23, 2013 linked to Raymond James Analysts' Best Picks for 2013, according to an FWP with the Securities and Exchange Commission.

The stocks will be selected in December by the equity research department at Raymond James & Associates, Inc. The Raymond James analysts expect these stocks to sustain operational growth and price appreciation over a 12-month period.

The notes are to price at 102.75.

The payout at maturity will be par of $1,000 plus the basket return minus a redemption adjustment amount of $2.50 per note. As a result, the basket must appreciate by at least 3% for investors to receive an amount that exceeds the issue price of the notes.

Each basket stock's return will equal the adjusted final price divided by the adjusted initial price. The adjusted initial price of each stock is the average of the stock's intra-day prices, as determined by the issuer, on Dec. 11, Dec. 12 and Dec. 13 plus $0.01.

The adjusted final price for each stock will equal the average of the closing prices on the valuation dates minus $0.01 plus the dividend amount, which is equal to 100% of the gross cash distributions declared on one share of that stock. The valuation dates are expected to be Dec. 16, 2013, Dec. 17, 2013 and Dec. 18, 2013.

The notes (Cusip: 06366QJS5) are expected to settle on Dec. 18.

BMO Capital Markets Corp. is the agent.

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