The Bank of Montreal (BMO) announced and closed its CAD $1 billion Series M Medium-Term Notes issuance on June 27, 2024, and July 3, 2024, respectively. The notes, priced at par, carry a 4.976% fixed interest rate until 2029, transitioning to a floating rate based on Daily Compounded CORRA. Proceeds of $996.5 million, after fees, will be used for general corporate purposes.

The agents for the issuance were BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., TD Securities Inc., Desjardins Securities Inc., iA Private Wealth Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., and Wells Fargo Securities Canada, Ltd. Legal counsel included Osler, Hoskin & Harcourt LLP for BMO and McCarthy Tétrault LLP for the agents. The notes include NVCC conversion features and received investment-grade ratings from DBRS, Moody’s, and S&P.