New Issue: Bank of Montreal sells $1 million redeemable step-up coupon notes with 1.75% initial rate

By Toni Weeks

San Luis Obispo, Calif., March 27 – Bank of Montreal priced $1 million of redeemable step-up coupon notes due March 30, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 1.75% for the first year, stepping up to 1.85% on March 30, 2016, to 2% on March 30, 2017, to 2.25% on March 30, 2018 and to 3.25% on March 30, 2019. 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:	$1 million
Maturity:	March 30, 2020
Coupon:	1.75% initially, stepping up to 1.85% on March 30, 2016, to 2% on March 30, 2017, to 2.25% on March 30, 2018 and to 3.25% on March 30, 2019; payable semiannually
Price:	Variable prices
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning March 30, 2016
Pricing date:	March 25
Settlement date:	March 30
Agent:	BMO Capital Markets Corp.
Fees:	0.75%
Cusip:	06366RE92

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