Published on 8/20/2014 in the Prospect News Structured Products Daily.
New Issue: Bank of Montreal prices $500,000 redeemable step-up notes with 1.5% initial rate
By Jennifer Chiou
New York, Aug. 20 – Bank of Montreal priced $500,000 of redeemable step-up coupon notes due Aug. 21, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 1.5% for the first year, stepping up to 1.75% on Aug. 21, 2015, to 2% on Aug. 21, 2016, to 2.5% on Aug. 21, 2017 and to 3.5% on Aug. 21, 2018. 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
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Issue: | Redeemable step-up coupon notes
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Amount: | $500,000
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Maturity: | Aug. 21, 2019
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Coupon: | 1.5% for the first year, stepping up to 1.75% on Aug. 21, 2015, to 2% on Aug. 21, 2016, to 2.5% on Aug. 21, 2017 and to 3.5% on Aug. 21, 2018; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning on Aug. 21, 2015
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Pricing date: | Aug. 18
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Settlement date: | Aug. 21
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.75%
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Cusip: | 06366RVW2
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