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BMO plans five-year redeemable step-up notes with 2% initial rate
By Tali Rackner
Minneapolis, Aug. 4 – Bank of Montreal plans to price redeemable step-up coupon notes due Aug. 11, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% initially, stepping up to 2.5% on Aug. 11, 2020 and to 3.75% on Aug. 11, 2021. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Aug. 11, 2018, the notes will be redeemable on any interest payment date.
BMO Capital Markets Corp. is the agent.
The notes will price on Aug. 8 and settle on Aug. 11.
The Cusip number is 06367TC32.
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