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Bank of Montreal to price redeemable step-up coupon notes due 2024
By Angela McDaniels
Tacoma, Wash., Nov. 15 – Bank of Montreal plans to price redeemable step-up coupon notes due Nov. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.3% in years one through three, 2.5% in year four and 2.75% in year five. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Feb. 27, 2020, the notes will be redeemable at par quarterly.
BMO Capital Markets Corp. is the agent.
The notes will price Nov. 25.
The Cusip number is 06367WSA2.
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