Shearman And Sterling

News March 11, 2020

Bank of Montreals $1.5 Billion Floating Rate Notes Offering

Shearman & Sterling represented BMO Capital Markets and Deutsche Bank Securities, as underwriters, in connection with Bank of Montreal’s registered public offering of $1.5 billion aggregate principal amount of its Floating Rate Notes due 2023 (the Notes) under its U.S. medium-term note program. The interest rate on the Notes is based on a compounded average of the daily Secured Overnight Financing Rate (SOFR) using the SOFR Index published by the Federal Reserve Bank of New York. 

The SOFR Index measures the cumulative impact of compounding the SOFR on a unit of investment over time, with the initial value set to 1.00000000 on April 2, 2018, the first value date of the SOFR. The SOFR Index value reflects the effect of compounding the SOFR each business day and allows the calculation of compounded SOFR averages over custom time periods.

Established in 1817, Bank of Montreal is a highly diversified financial services provider based in North America. Bank of Montreal is the eighth largest bank in North America by assets and an engaged and diverse base of employees. Bank of Montreal provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services.

The Team