By Angela McDaniels
Tacoma, Wash., April 26 - Bank of Montreal priced $701,000 of 0% contingent risk absolute return notes due April 29, 2015 linked to the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the exchange-traded fund's return is positive, the payout at maturity will be par plus the ETF's return.
If the ETF's return is less than or equal to zero and a barrier event has not occurred, the payout will be par plus the absolute value of the ETF's return. A barrier event occurs if the ETF's closing share price is less than the barrier level, 69.5% of the initial share price, on any day during the life of the notes.
If the ETF's return is less than or equal to zero and a barrier event has occurred, investors will be fully exposed to the ETF's decline, if any, from its initial price.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Contingent risk absolute return notes
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Underlying ETF: | iShares MSCI EAFE index fund
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Amount: | $701,000
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Maturity: | April 29, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If ETF's return is positive, par plus ETF's return; if ETF's return is less than or equal to zero and barrier event has not occurred; par plus absolute value of ETF's return; if ETF's return is less than or equal to zero and barrier event has occurred, full exposure to ETF's decline
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Barrier event: | ETF's closing share price is less than barrier level on any day during life of notes
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Initial share price: | $60.71
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Barrier: | $42.19, 69.5% of initial share price
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Pricing date: | April 24
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Settlement date: | April 29
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Agent: | BMO Capital Markets Corp.
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Fees: | None
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Cusip: | 06366RNM3
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