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Bank of Montreal plans callable step-up notes with 1.25% initial rate
By Susanna Moon
Chicago, Oct. 4 - Bank of Montreal plans to price redeemable step-up notes due Oct. 11, 2016, according to a 424B2 with the Securities and Exchange Commission.
The coupon will be 1.25% the first year. After that, it will be 1.5% through Oct. 11, 2013, 2% through Oct. 11, 2014, 2.5% through Oct. 11, 2015 and then 4% until maturity. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable semiannually beginning on April 11, 2012.
BMO Capital Markets Corp. is the agent.
The notes will settle on Oct. 11.
The Cusip is 06366QZP5.
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