Published on 2/14/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $10,000 9% reverse exchangeable notes tied to Wynn Resorts
By Toni Weeks
San Diego, Feb. 14 - Bank of Montreal priced $10,000 of 9% annualized reverse exchangeable notes due May 15, 2012 linked to Wynn Resorts Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Wynn Resorts stock closes 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 shares of Wynn Resorts stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the 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: | Wynn Resorts Ltd. (Symbol: WYNN)
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Amount: | $10,000
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Maturity: | May 15, 2012
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | If Wynn Resorts stock closes below trigger price during life of notes and final share price is less than initial share price, a number of Wynn Resorts shares equal to $1,000 divided by initial share price or equivalent amount in cash; otherwise, par
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Initial share price: | $113.16
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Trigger price: | $90.53, 80% of initial share price
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Pricing date: | Feb. 10
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Settlement date: | Feb. 15
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Agent: | BMO Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 06366Q2N6
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