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BMO plans seven-year redeemable step-up notes with 2% initial rate
By Wendy Van Sickle
Columbus, Ohio, May 12 – Bank of Montreal plans to price redeemable step-up notes due May 19, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first three years, stepping up to 3.25% on May 19, 2020 and to 4.5% in on May 19, 2022. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any annual review date beginning May 19, 2018.
BMO Capital Markets Corp. is the underwriter.
The notes will price on May 16 and settle on May 19.
The Cusip number is 06367TVZ0.
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