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Bank of Montreal plans 6.5%-9.5% one-year autocallable reverse exchangeables on iShares MSCI EM
By Susanna Moon
Chicago, April 4 - Bank of Montreal plans to price 6.5% to 9.5% autocallable reverse exchangeable notes due April 30, 2013 linked to the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the closing fund price is at or above the initial price on any quarterly call date.
The payout at maturity will be par unless the fund ever closes below the 75% trigger level during the life of the notes and finishes below the initial price, in which case the payout will be a number of shares equal to $1,000 divided by the initial price or, at the issuer's option, the cash equivalent.
BMO Capital Markets Corp. is the agent.
The notes will price on April 25 and settle on April 30.
The Cusip number is 06366Q 7A9.
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