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BMO plans three-year redeemable step-up notes with 2% initial rate
By Susanna Moon
Chicago, Jan. 9 – Bank of Montreal plans to price redeemable step-up notes due Jan. 23, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first two years, stepping up to 2.5% on Jan. 23, 2019 and to 3% on July 23, 2019. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any call date beginning Jan. 23, 2018.
BMO Capital Markets Corp. is the underwriter.
The notes will price on Jan. 18 and settle on Jan. 23.
The Cusip number is 06367TRK8.
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