Commentary & Deal Flow

Final Books: £1.5bn+ (incl. £100m JLM)

Launched: 4.4yr: £1bn @ SONIA MS+55bp - Books £1.5bn+ (incl £100m JLM)
Book Update: Books >£1.25bn+ (incl. £100m JLMs)
Guidance: 4.4yr: SONIA MS+60a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Instrument: Sterling Fixed Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S (Category 2), Registered, TEFRA not applicable
• Size: £1bn
• Maturity Date: 04-Nov-30 (soft bullet)
• Settlement: 02-Jul-26
• Books Subject: 11:45 London time
• Interest: [ ]% per annum accruing from and including the Issue Date up to, but excluding, the Maturity Date, payable annually in arrears on each Interest Payment Date
• Interest Payment Dates: 4 November in each year commencing on the Interest Payment Date falling on 04-Nov-26 (short first coupon) and ending on (and including) the Maturity Date, subject, in each case, to the Business Day Convention specified below
• Day Count Convention: Actual/Actual (ICMA) (not adjusted)
• Denominations: £100,000 x £1,000
• Business Day Convention: Following Business Day Convention
• Business Days: Toronto, London, New York City
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: The Main Market of the London Stock Exchange
• Documentation: Issued under the Issuer’s U.S.$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 03-Mar-26 and 27-May-26 (the “Prospectus”).
• Advertisement: The Prospectus is, and the applicable Final Terms (when published) will be, available on: https://www.bmo.com/home/about/banking/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond#
• Selling Restrictions: As set out in the Prospectus
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only / No EU PRIIPs or CCI disclosure document
• Joint Lead Managers: Barclays, BMO (B&D), Lloyds, Natixis, Nomura and TD Securities
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• Timing: Allocations and pricing to follow this afternoon
• Stabilization: FCA/ICMA