Bank of Montreal plans 10.86% reverse exchangeables linked to Baidu

By Susanna Moon

Chicago, July 21 - Bank of Montreal plans to price 10.86% annualized reverse exchangeable notes due Oct. 31, 2011 linked to Baidu, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Baidu stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Baidu stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

The notes will price on July 26 and settle on July 29.

The Cusip is 06366QRM1.

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