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BMO Harris plans callable stepped digital CDs linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Dec. 16 – BMO Harris Bank NA plans to price callable stepped contingent monthly digital payout certificates of deposit due June 30, 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 3.25% per year initially and will step up to 4.25% per year on Jan. 29, 2027 and to 5.25% per year on Jan. 31, 2032. 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 Dec. 29, 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 Dec. 28.
The Cusip number is 05581WLB9.
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