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Bank of Montreal plans redeemable step-up notes with 1.5% initial rate
By Angela McDaniels
Tacoma, Wash., Aug. 1 – Bank of Montreal plans to price redeemable step-up coupon notes due Aug. 21, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 1.5% in year one, 1.75% in year two, 2% in year three, 2.5% in year four and 3.5% in year five. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Aug. 21, 2015, the notes will be redeemable at par on any interest payment date.
BMO Capital Markets Corp. is the agent.
The notes are expected to price Aug. 18 and settle Aug. 21.
The Cusip number is 06366RVW2.
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