BMO Harris plans callable stepped digital CDs linked to Russell 2000

By Angela McDaniels

Tacoma, Wash., Nov. 7 – BMO Harris Bank NA plans to price callable stepped contingent monthly digital payout certificates of deposit due Nov. 28, 2036 linked to the Russell 2000 index, according to a term sheet.

Interest is payable monthly if the index closes at or above the threshold level on the coupon determination date for that month. The contingent coupon rate will be 3% per year in years one through 10, 4% per year in years 11 through 15 and 5% per year in years 16 through 20. The threshold level is expected to be 72% to 78% of the initial index level and will be set at pricing.

The payout at maturity will be par plus the final coupon, if any.

Beginning Nov. 30, 2017, the CDs will be callable at par on any coupon payment date.

BMO Capital Markets Corp. is the agent. Incapital LLC is distributor.

The CDs will price Nov. 28.

The Cusip number is 05581WKQ.

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