Shearman And Sterling

News October 21, 2019

Bank of Montreal’s Inaugural Senior Sustainability Notes Offering

Shearman & Sterling represented BMO Capital Markets, BNP Paribas, Citigroup and HSBC, as lead underwriters, in connection with Bank of Montreal’s registered public offering of $500 million aggregate principal amount of its 2.050 percent senior sustainability notes due 2022 under its U.S. medium-term note program. This was Bank of Montreal’s inaugural offering of sustainability notes under its recently adopted Sustainable Financing Framework.

The Framework aligns with the International Capital Markets Association’s 2018 Green Bond Principles, 2018 Social Bond Principles, 2018 Sustainability Bond Guidelines and the Loan Market Association’s 2018 Green Loan Principles. Pursuant to the Framework, Bank of Montreal will use an amount equivalent to the net proceeds of the senior sustainability notes to finance or re-finance project finance loans, general corporate finance loans, equity investments that support the achievement of the United Nation’s Sustainable Development Goals and the global transition to a lower carbon economy.

Established in 1817, Bank of Montreal is a highly diversified financial services provider based in North America. Bank of Montreal provides a broad range of personal and commercial banking, wealth management and investment banking products and services. It is the eighth-largest bank in North America by assets and serves more than 12 million customers globally.

The Team