BMO

BMO in its US$500 million inaugural additional Tier 1 note offering

Client

BMO

Value

US$500 million

Service

Capital Markets

Date Closed

Lead Office

Toronto


On July 23, 2019, the Bank of Montreal (“BMO”) announced its US$500 million inaugural offering of additional Tier 1 notes. This relatively new form of capital expands the scope of available investor markets to Canadian banks. The coupon of 4.80% represents the strength of support from a global investor base. The joint bookrunners on the transaction were BMO Capital Markets, Citi, Goldman Sachs and UBS.

The Bank of Nova Scotia was the first bank in Canada to launch an AT1 offering in October 2017, with Osler as its advisors. 

Osler Hoskin and Harcourt LLP acted as Canadian counsel to BMO with a team consisting of Tim Hughes (Tax) and Rick Fullerton and Arlene Mack (Financial Services).


Team
Timothy  Hughes
Key Contact

Timothy Hughes

Partner, Taxation

Rick  Fullerton

Rick Fullerton

Partner, Financial Services

Arlene Mack

Arlene Mack

Associate, Financial Services