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Bank of Montreal 5.1% Rate Reset Preferred Share New Isssue

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Bank of Montreal (BMO ) is issuing $250M of 5 year, 5.10% rate reset non-cumulative preferred shares. The first reset date is May-24-2024 at the then effective 5 year Gov. of Canada bond yield plus 3.51%. Should they become insolvent the issue is convertible into their common shares. (NVCC/Basel Compliant)

On May-24-2024 and on May-24 every five years thereafter, holders have the right to convert into an equal number of non-cumulative floating rate preferred shares with a dividend yield set quarterly at the then effective 90-day Canadian Treasury Bill Rate plus 3.51%.

Rating: DBRS, Pfd-2

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