| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
Bank of Montreal seeks consent bids to switch £400 million floaters due 2023 to Sonia from Libor
By Rebecca Melvin
New York, June 7 – Bank of Montreal is seeking approval from holders of its £400 million outstanding series CBL15 floating-rate covered bonds due April 16, 2023 (ISIN: XS1807402877) to change the interest basis to Sonia from Libor, according to a regulatory notice.
Following the occurrence of a Sterling Libor cessation event, the interest basis for the bonds will be the margin that is unchanged, an adjustment rate fixed at 11.93 basis points and the compounded daily Sonia rate for each relevant interest period.
The Libor cessation even is expected to occur on Dec. 31.
The bank has set a meeting for 5 a.m. ET in London on June 25. The voting deadline is 11 a.m. ET in London on June 25.
If the extraordinary resolution passes, the modifications to the bonds will take effect on April 9.
The solicitation agents are Bank of Montreal, London Branch (+44 20 7664 8062, 833 418-0762, LiabilityManagement@bmo.com) and HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com).
Lucid Issuer Services Ltd. (+44 20 7704 0880, bmo@lucid-is.com) is the tabulation agent.
The issuer is a Montreal-based bank.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.