Published on 8/21/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $17.83 million fixed-to-floating rate notes with 6% starting rate
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – Bank of Montreal priced $17.83 million of fixed-to-floating rate notes due Feb. 17, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6% for the first year.
Starting Feb. 17, 2024, the rate will be the one-year U.S. Dollar SOFR ICE swap rate plus 75 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
BMO Capital Markets Corp. is the agent.
Issuer: | Bank of Montreal
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Issue: | Fixed-to-floating rate notes
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Amount: | $17,825,000
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Maturity: | Feb. 17, 2026
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Coupon: | 6% until Feb. 17, 2024; after that, one-year U.S. Dollar SOFR ICE swap rate plus 75 bps, subject to floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 14
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Settlement date: | Aug. 16
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Agent: | BMO Capital Markets Corp.
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Fees: | 0.814%
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Cusip: | 06375M3R4
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