By Cristal Cody
Prospect News, Jan. 26 - The Bank of Montreal released the final details of its sale of $1.5 billion of benchmark 2.625% series 3 five-year covered bonds, which priced on Jan. 18 in the U.S. market under Rule 144A.
The bonds (Aaa/AAA/AAA) were priced at 99.935 to yield 2.639%.
The bonds are non-callable and are backed by the Canada Mortgage & Housing Corp.
Barclays Capital Inc., BMO Capital Markets, J.P. Morgan Securities LLC and Bank of America Merrill Lynch were the bookrunners.
The bonds were sold under the Toronto-based financial services company's €7 billion global public sector covered bond program. The Bank of Montreal has applied to list the series 3 bonds for trading on the London Stock Exchange.
| Issuer: | Bank of Montreal
|
| Guarantor: | Canada Mortgage & Housing Corp.
|
| Issue: | Series 3 covered bonds
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 25, 2016
|
| Bookrunners: | Barclays Capital Inc., BMO Capital Markets, J.P. Morgan Securities LLC and Bank of America Merrill Lynch
|
| Coupon: | 2.625%
|
| Price: | 99.935
|
| Yield: | 2.639%
|
| Spread: | Mid-swaps plus 47 bps, Treasuries plus 69.7 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 47 bps
|
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