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Bank of Montreal plans notes linked to Raymond James 2017 picks
By Marisa Wong
Morgantown, W.Va., Jan. 3 – Bank of Montreal plans to price 0% notes due Jan. 29, 2018 linked to Raymond James Analysts’ Best Picks for 2017, according to an FWP filing with the Securities and Exchange Commission.
The reference shares were selected by the equity research department at Raymond James & Associates, Inc. in December. Raymond James’ goal is to identify stocks that will be able to sustain operational growth and price appreciation over a 12-month period. The basket will be equally weighted.
The reference stocks are Arris International plc, Avnet, Inc., CyrusOne Inc., Halliburton Co., Mohawk Industries, Inc., Monolithic Power Systems, Inc.; Marathon Oil Corp., Microsoft Corp., Mylan NV, Newell Brands Inc., Oasis Petroleum Inc., O’Reilly Automotive, Inc., Bank of the Ozarks, Inc., Roper Technologies, Inc., UnitedHealth Group Inc., Willis Towers Watson plc and Wintrust Financial Corp.
For each $1,000 principal amount, the payout at maturity will be (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 97%. Because the participation rate is less than 100%, the basket level percentage must exceed 103.09% in order for investors to receive more than par.
For each stock, the initial share price will be that stock’s average intraday pricings on the four trading days ending Jan. 25. The final share price will be the sum of the average of that stock’s closing share prices on the four trading days ending Jan. 25, 2018 and the amount of dividends paid on that stock during the life of the notes.
BMO Capital Markets Corp. is the agent. Raymond James is acting as dealer.
The notes will settle on Jan. 27.
The Cusip number is 06367TQJ2.
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