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

A&O Shearman advises on Bank of Montreal’s USD1 billion Limited Recourse Capital Notes offering
Published Date
Sep 17, 2026
Related people
Image of Ryan Robski
Ryan RobskiPartner, Toronto
Image of Youssef Aziz
Youssef AzizAssociate, Toronto
Image of Nick Slagter
Nick SlagterAssociate, Toronto
Image of Jahanvi Pandit
Jahanvi PanditAssociate, Toronto

A&O Shearman represented the underwriters in connection with Bank of Montreal’s registered public offering of USD1bn aggregate principal amount of its 7.375% Fixed Rate Reset Limited Recourse Capital Notes, Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) and related issuance of 1,000,000 Non-Cumulative 5-Year Fixed Rate Reset Class B Preferred Shares, Series 56 (Non-Viability Contingent Capital (NVCC)). The notes will constitute Additional Tier 1 capital of the Bank for regulatory purposes.

Bank of Montreal is the eighth largest bank in North America by assets, with total assets of CAD1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, Bank of Montreal 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 markets globally.

The A&O Shearman team was led by U.S. capital markets partner Ryan Robski and associates Youssef Aziz, Nick Slagter, and Jahanvi Pandit, and supported by tax partner Larry Crouch, associates Daniel Kachmar and Will Tschirhart, and financial regulatory counsel Taylor Pugliese.

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