New Issue: Bank of Montreal sells $1.75 billion 3.3% five-year notes at 92 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Jan. 31 – Bank of Montreal priced $1.75 billion of 3.3% five-year senior medium-term notes (Aa2/A-/AA-) on Thursday at 99.794 to yield 3.345%, or a spread of 92 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.

The notes are bail-inable debt securities and are subject to bail-in conversion under Canadian bail-in regulations.

Proceeds from the deal will be contributed to the general funds of the Montreal-based bank and used for general corporate purposes.

Issuer:	Bank of Montreal
Amount:	$1.75 billion
Description:	Series E senior medium-term notes
Maturity:	Feb. 5, 2024
Bookrunners:	BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC
Co-managers:	Barclays, BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Desjardins Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC
Coupon:	3.3%
Price:	99.794
Yield:	3.345%
Spread:	Treasuries plus 92 bps
Call feature:	None
Trade date:	Jan. 31
Settlement date:	Feb. 5
Ratings:	Moody’s: Aa2
	S&P: A-
	Fitch: AA-
Distribution:	SEC registered

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