New Issue: Bank of Montreal sells $2 million redeemable step-up coupon notes with 2.1% initial rate

By Toni Weeks

San Luis Obispo, Calif., Dec. 30 – Bank of Montreal priced $2 million of redeemable step-up coupon notes due Dec. 29, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.1% for the first three years, stepping up to 2.2% on Dec. 29, 2017, to 2.5% on Dec. 29, 2018, to 3% on Dec. 29, 2019 and to 4% on Dec. 29, 2020. 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:	$2 million
Maturity:	Dec. 29, 2021
Coupon:	2.1% initially, stepping up to 2.2% on Dec. 29, 2017, to 2.5% on Dec. 29, 2018, to 3% on Dec. 29, 2019 and to 4% on Dec. 29, 2020; payable semiannually
Price:	Variable prices
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Dec. 29, 2015
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	BMO Capital Markets Corp.
Fees:	1%
Cusip:	06366RYN9

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