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Bank of Montreal to price five-year redeemable step-up coupon notes
By Angela McDaniels
Tacoma, Wash., March 10 – Bank of Montreal plans to price redeemable step-up coupon notes due March 24, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in years one through three, 2.25% in year four, 3% in the first half of year five and 4% in the second half of year five. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning March 24, 2017, the notes will be redeemable on any interest payment date.
BMO Capital Markets Corp. is the agent.
The notes will price March 21.
The Cusip number is 06367TBY5.
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