BMO Kicks Off Covered Bond Program

Bank of Montreal is launching a €2.9 billion ($4 billion) covered bond program, kicking off with a roadshow in Europe today.

  • 03 Dec 2007
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--Cathy Cunningham

Bank of Montreal is launching a €2.9 billion ($4 billion) covered bond program, kicking off with a roadshow in Europe today. BMO follows Royal Bank of Canada’s lead (TS, 9/25) and is the second Canadian bank to launch such a program. Lead arrangers are BMO, HSBC, Morgan Stanley, Société Générale and UniCredit. Osler, Hoskin & Hartcourt and Allen & Overy are counsel to BMO. Officials at Bank of Montreal did not immediately return calls for comment.

The timing of the first deal under the program could not be determined, but market chatter suggests it will be early in 2008. “Nothing else is getting done this year, but we hear that BMO is hoping to get a deal underway early in the new year,” said one covered bond player. Canada’s Office of the Superintendent of Financial Institutions gave Canadian institutions the go-ahead to issue covered bonds in July this year. RBC priced the inaugural issuance from its €15 billion ($20 billion) program in October, RBC Capital Markets and Barclays Capital were lead arrangers on the €2 billion ($2.9 billion) deal.

  • 03 Dec 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 12.62
2 Citi 2,562 6 10.31
3 Goldman Sachs 2,150 3 8.65
4 Credit Suisse 1,822 6 7.33
5 Societe Generale 1,814 4 7.30

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%