New Issue: BMO prices $353,000 of fixed-to-floaters linked to SOFR ICE Swap Rate

Chicago, Dec. 1 – Bank of Montreal priced $353,000 of fixed-to-floating rate notes due Oct. 28, 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 7% per annum for the first year. After that, interest will be equal to the swap rate plus 40 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:	$353,000
Maturity:	Oct. 28, 2025
Coupon:	7% for first year, then swap rate plus 40 bps with floor of 0% per annum, payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Oct. 26, 2022
Settlement date:	Oct. 28, 2022
Agents:	BMO Capital Markets and Wells Fargo Securities, LLC
Fees:	0.5%
Cusip:	06374VBG0

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