BMO issues first legislative covered bond

By Bill Thornhill
01 May 2014

Bank of Montreal became the sixth Canadian bank to issue legislative covered bonds when it sold its first deal in the format on Tuesday. The transaction was priced at the tight end of the range of Canadian deals and encountered some price sensitivity but was still comfortably oversubscribed.

Speculation that the Bank of Montreal would issue heightened on April 11 when the issuer’s newly structured and legally compliant covered bond programme was signed off by the Canadian Mortgage Housing Corp.
On Monday, the issuer announced the mandate appointing Barclays, Commerzbank, HSBC and itself as joint lead ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial