New Issue: Bank of Montreal prices $315,000 redeemable step-up notes with 3% initial rate

By Susanna Moon

Chicago, May 16 - Bank of Montreal priced $315,000 of redeemable step-up coupon notes due May 17, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3% for the first 10 years, stepping up to 3.35% on May 17, 2023 and to 4% on May 17, 2028. Interest will be payable semiannually.

The payout at maturity will be par.

The notes are redeemable on any interest payment date after one year.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$315,000
Maturity:	May 17, 2033
Coupon:	3% initially, stepping up to 3.35% on May 17, 2023 and to 4% on May 17, 2028; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning May 17, 2014
Pricing date:	May 14
Settlement date:	May 17
Agent:	BMO Capital Markets Corp.
Fees:	1.93%
Cusip:	06366RNZ4

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