Published on 6/3/2020 in the Prospect News Structured Products Daily.
New Issue: BMO prices $51.7 million floating-rate notes due 2023 on two-year CMS rate
By Wendy Van Sickle
Columbus, Ohio, June 3 – Bank of Montreal priced $51.7 million of floating-rate notes due June 2, 2023 linked to the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the two-year CMS rate, subject to a floor of 1.1%. Interest will be payable quarterly.
BMO Capital Markets is the underwriter.
| Issuer: | Bank of Montreal
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| Issue: | Floating-rate notes
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| Underlying index: | Two-year Constant Maturity Swap rate
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| Amount: | $51.7 million
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| Maturity: | June 2, 2023
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| Coupon: | two-year CMS rate, subject to a floor of 1.1%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | June 1
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| Settlement date: | June 3
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| Agent: | BMO Capital Markets
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| Fees: | 0.25%
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| Cusip: | 06367WL84
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