Bank of Montreal plans redeemable step-up notes with 2.7% initial rate

By Toni Weeks

San Diego, Sept. 10 - Bank of Montreal plans to price redeemable step-up coupon notes due Sept. 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.7% for the first five years. It will step up to 3.5% on Sept. 21, 2017 and to 4% on Sept. 21, 2022. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning March 21, 2013.

The notes (Cusip: 06366RHQ1) are expected to settle Sept. 21.

BMO Capital Markets Corp. will be the underwriter.

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