New Issue: BMO prices $2.04 million of fixed-to-floaters linked to SOFR ICE Swap Rate

By Wendy Van Sickle

Columbus, Ohio, Aug. 2 – Bank of Montreal priced $2.04 million of fixed-to-floating rate notes due July 29, 2025 linked to the five-year U.S. dollar SOFR ICE Swap Rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 5% per annum for the first year. After that, Interest will be equal to the swap rate plus 55 basis points. Interest will be payable quarterly and cannot be less than 0% per annum.

The payout at maturity will be par.

BMO Capital Markets and Wells Fargo Securities, LLC are the agents.

Issuer:	Bank of Montreal
Issue:	Fixed-to-floating rate notes
Underlying index:	Five-year U.S. dollar SOFR ICE Swap Rate
Amount:	$2,035,000
Maturity:	July 29, 2025
Coupon:	5% for first year, then swap rate plus 55 bps with floor of 0% per annum, payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	July 27
Settlement date:	July 29
Agents:	BMO Capital Markets and Wells Fargo Securities, LLC
Fees:	0.4%
Cusip:	06368GY27

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