Bank of Montreal plans buffered contingent coupon notes on S&P 500

By Jennifer Chiou

New York, April 26 - Bank of Montreal plans to price buffered contingent coupon notes due May 15, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

There is a minimum coupon payment of 1% per year. Additionally, if the index level on an annual coupon observation date is greater than the initial level, a to-be-set contingent coupon payment of 5.25% to 5.75% will also be paid.

If the index finishes at or above 85% of the initial level, the payout at maturity will be par. Investors will share in losses beyond 15%.

The notes (Cusip: 06366RAX3) are expected to price on May 10 and settle on May 15.

BMO Capital Markets Corp. is the agent.

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