By Wendy Van Sickle
Columbus, Ohio, July 13 – Bank of Montreal priced $4.06 million of fixed-to-floating rate notes due July 11, 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 25 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
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Issue: | Fixed-to-floating rate notes
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Underlying index: | Five-year U.S. dollar SOFR ICE Swap Rate
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Amount: | $4.06 million
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Maturity: | July 11, 2025
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Coupon: | 5% for first year, then swap rate plus 25 bps with floor of 0% per annum, payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 7
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Settlement date: | July 11
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Agents: | BMO Capital Markets and Wells Fargo Securities, LLC
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Fees: | 0.398%
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Cusip: | 06368GW78
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