Bank of Montreal

Bank of Montreal in its $1 billion offering of Limited Recourse Capital Notes, Series 3


Bank of Montreal


$1 billion


Capital Markets

Date Closed

September 2022


Banking & Financial Services

Lead Office



On September 13, 2022, Bank of Montreal closed its offering of $1 billion aggregate principal amount of 7.325% Limited Recourse Capital Notes, Series 3 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness). The notes bear interest at a rate of 7.325 per cent annually, payable semi-annually, for the initial period ending November 26, 2027. Thereafter, the interest rate on the notes will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 4.10 per cent. The notes will mature on November 26, 2082. Net proceeds from this transaction will be used for general banking purposes.

Bank of Montreal is a highly diversified financial services provider - the 8th largest bank, by assets, in North America.

Osler, Hoskin & Harcourt LLP advised Bank of Montreal with a team consisting of Arlene Mack (Financial Services), Kevin Feng and Shruti Chowdhry (Corporate).