Published on 6/25/2019 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Bank of Montreal prices $1 billion of 2.5% five-year senior notes at 78 bps spread
By Cristal Cody
Tupelo, Miss., June 25 – Bank of Montreal priced $1 billion of 2.5% five-year senior medium-term notes on Tuesday at a spread of 78 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.986 to yield 2.503%.
BMO Capital Markets Corp., BofA Securities, Inc., Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the lead managers.
The notes are bail-inable notes that are subject to conversion into common shares of Bank of Montreal or its affiliates.
Proceeds from the offering will be contributed to the general funds of the bank and used for general corporate purpose.
Bank of Montreal is a Montreal-based banking and financial services provider.
| Issuer: | Bank of Montreal
|
| Amount: | $1 billion
|
| Description: | Series E senior medium-term notes
|
| Maturity: | June 28, 2024
|
| Bookrunners: | BMO Capital Markets Corp., BofA Securities, Inc., Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Co-managers: | BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Desjardins Securities Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC
|
| Coupon: | 2.5%
|
| Price: | 99.986
|
| Yield: | 2.503%
|
| Spread: | Treasuries plus 78 bps
|
| Call feature: | Only for Canadian tax event purposes
|
| Trade date: | June 25
|
| Settlement date: | June 28
|
| Ratings: | Moody’s: Aa2
|
| S&P: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
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