Published on 3/15/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $295,000 13% reverse exchangeables linked to Abercrombie
By Susanna Moon
Chicago, March 15 - Bank of Montreal priced $295,000 of 13% annualized reverse exchangeable notes due Sept. 18, 2012 linked to Abercrombie & Fitch Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Abercrombie stock closes below the 75% trigger level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Abercrombie shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
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: | Abercrombie & Fitch Co. (Symbol: ANF)
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Amount: | $295,000
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Maturity: | Sept. 18, 2012
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | If Abercrombie stock ever closes below trigger price and finishes below initial share price, a number of Abercrombie shares equal to $1,000 divided by the initial share price; otherwise, par
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Initial share price: | $51.61
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Trigger price: | $38.71, 75% of initial share price
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Pricing date: | March 13
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Settlement date: | March 16
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366Q4C8
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