Bank of Montreal adds to sterling supply with rare senior bond

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By David Freitas
11 Sep 2019

Bank of Montreal was marketing a senior preferred bond in sterling on Tuesday, one day after Rothesay Life gave FIG investors a chance to put their money in tier two in the same currency. The Canadian issuer started its trade with a 15bp-20bp concession, according to a banker off the deal.

Lead managers Bank of Montreal, Credit Suisse, Lloyds and NatWest Markets went out with initial price thoughts of 120bp area over Gilts.

They released a list of comparable transactions containing names such as Wells Fargo, Bank of America, JP Morgan, New York Life, ...

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