New Issue: Bank of Montreal prices $45,000 redeemable step-up notes

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Bank of Montreal priced $45,000 of redeemable step-up coupon notes due Feb. 18, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate is 3.31% per year. It will change to 3% per year on Feb. 18, 2020, to 3.5% per year on Feb. 18, 2022 and to 4% per year on Feb. 18, 2025. Interest is payable semiannually.

The payout at maturity will be par.

Beginning Feb. 18, 2020, the notes will be redeemable at par on any interest payment date.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$45,000
Maturity:	Feb. 18, 2026
Coupon:	3.31% per year to but excluding Feb. 18, 2020; 3% per year from and including Feb. 18, 2020 to but excluding Feb. 18, 2022; 3.5% per year from and including Feb. 18, 2022 to but excluding Feb. 18, 2025 and 4% per year from and including Feb. 18, 2025 to but excluding Feb. 18, 2026; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	Beginning Feb. 18, 2020, notes will be redeemable at par on any interest payment date
Pricing date:	Sept. 4
Settlement date:	Sept. 5
Agent:	BMO Capital Markets Corp.
Fees:	None
Cusip:	06367WQB2

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