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BMO plans five-year redeemable step-up notes with 1.55% initial rate
By Susanna Moon
Chicago, Sept. 15 – Bank of Montreal plans to price redeemable step-up coupon notes due Sept. 21, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 1.55% for the first two years, stepping up to 1.65% on Sept. 21, 2018 and to 2.1% on Sept. 21, 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 Sept. 16 and settle on Sept. 21.
The Cusip is 06367TLA6.
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