Published on 12/27/2017 in the Prospect News Structured Products Daily.
New Issue: BMO prices $1.5 million redeemable step-up coupon notes with 2.5% initial rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 27 – Bank of Montreal priced $1.5 million of redeemable step-up coupon notes due Dec. 22, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.5% for the first four years, stepping up to 3.5% on Dec. 22, 2021, to 4% on Dec. 22, 2023 and to 5.25% on Dec. 22, 2024. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after six months.
BMO Capital Markets Corp. is the underwriter.
Issuer: | Bank of Montreal
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Issue: | Redeemable step-up coupon notes
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Amount: | $1.5 million
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Maturity: | Dec. 22, 2025
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Coupon: | 2.5% for the first four years, stepping up to 3.5% on Dec. 22, 2021, to 4% on Dec. 22, 2023 and to 5.25% on Dec. 22, 2024; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning June 22, 2018
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Pricing date: | Dec. 20
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Settlement date: | Dec. 22
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Agent: | BMO Capital Markets Corp.
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Fees: | 1%
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Cusip: | 06367TR44
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