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Bank of Montreal’s USD1 Billion Limited Recourse Capital Notes Offering

Bank of Montreal’s USD1 Billion Limited Recourse Capital Notes Offering
Published Date
Aug 4 2025
The A&O Shearman Capital Markets team represented the underwriters in connection with a registered public offering by Bank of Montreal of USD1bn aggregate principal amount of its 6.875% fixed-rate reset limited recourse capital notes, Series 6 (non-viability contingent capital (NVCC)) (subordinated indebtedness) and related issuance of one million non-cumulative five-year fixed-rate reset class B preferred shares, Series 55 (non-viability contingent capital (NVCC)). The notes will constitute Additional Tier 1 capital of the bank for regulatory purposes.

Bank of Montreal is the seventh largest bank in North America by assets, with total assets of CAD1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, the bank provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States and in select markets globally.

The A&O Shearman team was led by U.S. Capital Markets partner Ryan Robski, associate Tianwei Liu and law clerk Jahanvi Pandit, and was supported by Financial Regulatory partner Jennifer Morton, Tax partner Larry Crouch, and associates Daniel Kachmar and Taylor Pugliese.

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