On June 25, 2024, Bank of Montreal announced a domestic public offering of US$1 billion of subordinated notes (Non-Viability Contingent Capital (NVCC)) through its Canadian Medium-Term Note Program. 

The net proceeds from this offering will be added to the general funds of the Bank and will be utilized for general banking purposes, which may include the redemption of outstanding capital securities of the Bank, and/or the repayment of other outstanding liabilities of the Bank.

BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp. and Credit Agricole Securities (USA) Inc. were the joint book-running managers for the offering. 

McCarthy Tétrault acted as Canadian counsel to the syndicate of underwriters for the offering, with a team led by Andrew Parker that included Jo-Anna Brimmer and Suzie Cusson (Business), Len Nesbitt, Kabir Jamal and Adam Unick (Tax).