A&O Shearman advises underwriters on Bank of Montreal USD1 billion Limited Recourse Capital Notes offering

A&O Shearman represented the underwriters BMO Capital Markets Corp., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Investment Bank in connection with the transaction. The transaction comprised Bank of Montreal’s registered public offering of US$1.0 billion aggregate principal amount of its 7.375% Fixed Rate Reset Limited Recourse Capital Notes, Series 7 (Non‑Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) and the related issuance of 1,000,000 Non‑Cumulative 5‑Year Fixed Rate Reset Class B Preferred Shares, Series 56 (NVCC). The notes will constitute Additional Tier 1 capital of the Bank for regulatory purposes. Bank of Montreal, the issuer, is the eighth largest bank in North America by assets, with total assets of CAD1.5 trillion as of July 31, 2026. The Bank provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States and select global markets. A&O Shearman represented the underwriters BMO Capital Markets Corp., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Investment Bank with a team composed by: U.S. capital markets partner Ryan Robski and associates Youssef Aziz, Nick Slagter and Jahanvi Pandit, supported by tax partner Larry Crouch, associates Daniel Kachmar and Will Tschirhart, and financial regulatory counsel Taylor Pugliese.

Menu

A&O Shearman advises underwriters on Bank of Montreal USD1 billion Limited Recourse Capital Notes offering

Read the full story

Menu

A&O Shearman advises underwriters on Bank of Montreal USD1 billion Limited Recourse Capital Notes offering

Read the full story

Cookie Preferences

Strictly Necessary

Analytics & Statistics

Marketing & Ads