Published on 7/30/2013 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $290,000 autocallable cash-settled notes tied to iShares Russell
By Toni Weeks
San Luis Obispo, Calif., July 30 - Bank of Montreal priced $290,000 of 0% autocallable cash-settled notes with step-up call price due July 31, 2015 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.
On either of two annual call dates, if the fund's level is greater than the initial level, the notes will be called. The call return will be 10.5% on July 28, 2014 and 21% on July 28, 2015.
If the notes are not called, the payout at maturity will be par if the fund falls by up to 15%. Investors will share in losses if the final price is less than the 85% trigger level.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Autocallable cash-settled notes with step-up call price
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Underlying fund: | iShares Russell 2000 index fund
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Amount: | $290,000
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Maturity: | July 31, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par for decline in fund of up to 15%; full exposure to losses if fund falls more than 15%
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Initial price: | $104.12
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Trigger price: | $88.50, 85% of initial price
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Call: | At par plus a call return on either of two annual call dates if share price is greater than initial share price; call return is 10.5% on July 28, 2014 and 21% on July 28, 2015
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | BMO Capital Markets Corp.
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Fees: | 2%
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Cusip: | 06366RPU3
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