New Issue: Bank of Montreal prices $1.5 million step-up notes with 2% initial rate

By Tali Rackner

Norfolk, Va., May 6 – Bank of Montreal priced $1.5 million of redeemable step-up coupon notes due April 29, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% initially, stepping up to 3% on April 29, 2020, to 4% on April 29, 2022 and to 5% on April 29, 2023. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning April 29, 2017, the notes will be callable on any interest payment date.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$1.5 million
Maturity:	April 29, 2024
Coupon:	2% initially, stepping up to 3% on April 29, 2020, to 4% on April 29, 2022 and to 5% on April 29, 2023; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning April 29, 2017
Pricing date:	April 26
Settlement date:	April 29
Agent:	BMO Capital Markets Corp.
Cusip:	06367TDS6

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