Commentary & Deal Flow

Reoffer: 6NC5: SARON MS+85bp / 100 / 1.4425%

Launched: 6NC5: CHF 175m @ SARON MS+85bp
Spread set at: 6NC5: CHF MS+85bp
Book Update: New min. size CHF 170m - Books close 11.00 CET
IPTs: 6NC5: SARON MS+85a

• Issuer: Bank of Montreal
• Ticker: BMO
• Issuer Domicile: Canada
• Format: Public Fixed-Rate Reset Notes
• Status: Senior Unsecured Notes
• Issuer Rating: Aa2 stbl. / A+ stbl. / AA+ stbl. (Moody's / S&P / Fitch)
• Instrument Rating (exp): A2 / A- / AA- (Moody's / S&P / Fitch)
• Rating Split: Issuer: Aa2 stbl. / A+ stbl. / AA+ stbl. (Moody's / S&P / Fitch), Issue: A2 / A- / AA- (Moody's / S&P / Fitch)
• Tenor: 6NC5
• Settlement Date: 03-Nov-26
• Optional Call/Reset Date: 03-Nov-31
• Maturity Date: 03-Nov-32
• Issue Size (in mm): CHF 175mm
• Coupon: 1.4425% p.a. until the Reset Date on 03-Nov-31, unless redeemed on the Optional Redemption Date, the interest rate for the remaining term of one year will be determined as the sum of (i) the prevailing one-year SARON mid-swap rate and (ii) the initial margin of +85 bps
• Issue Price: 100
• Spread/Yield: SARON MS +85.0 // YTC 1.4425% // Govt.+101
• ISIN / Security Number: CH1609605378 / 160960537
• Lead Manager(s): UBS, Commerzbank, BMO Capital Markets
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: FinSA prospectus incorporating the Bank of Montreal's US$40,000,000,000 Note Issuance Programme Base Prospectus dated 26-Jun-26 and a first supplement dated 25-Aug-26.
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Bail-In Acknowledgement: The Notes are subject to bail-in conversion under the Canadian bail-in regime
• Governing Law: Laws of Ontario and the federal laws of Canada applicable therein
• Covenants: PP
• SIX Listing: 30-Oct-26
• Denomination: CHF 5000
• Target Market: Target market as defined by the manufacturers domiciled in the EEA/UK (MiFID II/UK MiFIR product governance): eligible counterparties, professional clients and, in Switzerland only, retail clients (all distribution channels).
• Sales Restrictions: Reg S, category 2 and otherwise in accordance with the issuers EMTN Programme. No offers in Canada or to retail investors in the EEA or UK. Singapore Sales to Institutional and Accredited investors only. TEFRA D in accordance with usual Swiss practice.