Published on 1/27/2020 in the Prospect News Structured Products Daily.
New Issue: BMO sells $15 million step-up callables with 2.15% initial rate
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Bank of Montreal priced $15 million of step-up callable notes due Jan. 24, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.15% initially, stepping up to 2.5% beginning Jan. 24, 2022 and to 3% starting Jan. 24, 2024. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable quarterly at par.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Montreal
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| Issue: | Step-up callable notes
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| Amount: | $15 million
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| Maturity: | Jan. 24, 2025
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| Coupon: | 2.15% initially, stepping up to 2.5% beginning Jan. 24, 2022 and to 3% starting Jan. 24, 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 quarterly
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 24
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.5%
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| Cusip: | 06367WUG6
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