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Bank of Montreal plans redeemable step-up notes with 2% initial rate
By Susanna Moon
Chicago, Feb. 19 – Bank of Montreal plans to price redeemable step-up coupon notes due March 11, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first three years, stepping up to 2.25% on March 11, 2019, to 3% on March 11, 2020 and to 4% on Sept. 11, 2020. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be redeemable on any interest payment date after one year.
BMO Capital Markets Corp. is the agent.
The notes will price on March 8 and settle on March 11.
The Cusip number is 06367TAW0.
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