Obligation Montreal Bank 2.1% ( US06368B4Q83 ) en USD

Montreal Bank

100 % ▼

Canada

US06368B4Q83 ( en USD )

2.1% par an ( paiement semestriel )

14/06/2022 - Obligation échue

Prospectus brochure de l'obligation Bank of Montreal US06368B4Q83 en USD 2.1%, échue

250 000 USD

1 750 000 000 USD

06368B4Q8

N/A

Aaa ( Première qualité )

La Banque de Montréal (BMO) est une institution financière multinationale canadienne offrant une vaste gamme de services bancaires de détail, de gestion de patrimoine, de marchés des capitaux et de services bancaires aux entreprises à l'échelle mondiale.

L'Obligation émise par Montreal Bank ( Canada ) , en USD, avec le code ISIN US06368B4Q83, paye un coupon de 2.1% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/06/2022

L'Obligation émise par Montreal Bank ( Canada ) , en USD, avec le code ISIN US06368B4Q83, a été notée Aaa ( Première qualité ) par l'agence de notation Moody's.

EXECUTION VERSION
FINAL TERMS
THE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA
MORTGAGE AND HOUSING CORPORATION (CMHC) NOR HAS CMHC PASSED UPON THE
ACCURACY OR ADEQUACY OF THESE FINAL TERMS. THE COVERED BONDS ARE NEITHER
INSURED NOR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY
OTHER AGENCY THEREOF.
17 June 2019
Bank of Montreal
Issue of U.S.$1,750,000,000 2.100% Covered Bonds due 15 June 2022
unconditionally and irrevocably guaranteed as to payment of principal and interest by
BMO Covered Bond Guarantor Limited Partnership
under the U.S.$22 billion
Global Registered Covered Bond Program
PART 1
CONTRACTUAL TERMS
Terms used herein will be deemed to be defined as such for the purposes of the Terms and Conditions set forth
in the Prospectus dated 23 October 2018 (as supplemented by the First Supplement dated 7 December 2018 and
the Second Supplement dated 10 June 2019, together the Supplemental Prospectuses) which together constitute
a base prospectus (the Prospectus) for the purposes of the Prospectus Directive (Directive 2003/71/EC) (as
amended or superseded, the Prospectus Directive). This document constitutes the final terms of the Covered
Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in
conjunction with the Prospectus as so supplemented. Full information on the Issuer and the Guarantor and the
offer of the Covered Bonds is only available on the basis of the combination of this Final Terms Document and
the
Prospectus.

The
Prospectus
is
available
for
viewing
at
http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and copies of the
Prospectus and the Supplemental Prospectuses are available free of charge to the public at the Executive Offices
of the Issuer and from the specified office of each of the Paying Agents.
The Guarantor is not now, and, immediately following the issuance of the Covered Bonds pursuant to the Trust
Deed, will not be, a "covered fund" for purposes of regulations adopted under Section 13 of the Bank Holding
Company Act of 1956, as amended, commonly known as the Volcker Rule. In reaching this conclusion,
although other statutory or regulatory exemptions under the Investment Company Act of 1940, as amended, and
under the Volcker Rule and its related regulations may be available, the Guarantor has relied on the exemption
from registration set forth in Section 3(c)(5) of the Investment Company Act of 1940, as amended. See Certain
Volcker Rule Considerations in the Prospectus dated 23 October 2018.

1.
(a)
Issuer:
Bank of Montreal
(b)
Guarantor:
BMO Covered Bond Guarantor Limited Partnership
2.
(a)
Series Number:
CBL17

1

(b)
Tranche Number:
1
3.
Specified Currency or Currencies:
U.S. Dollars (U.S.$)
4.
Aggregate Nominal Amount of Covered
Bonds admitted to trading:
(a)
Series:
U.S.$1,750,000,000
(b)
Tranche:
U.S.$1,750,000,000
5.
(a)
Issue Price:
99.868% of the Aggregate Nominal Amount
6.
(a)
Specified Denominations:
At least U.S.$250,000 (and no less than the equivalent
of 100,000) and integral multiples of U.S.$1,000 in
excess thereof.
(b)
Calculation Amount:
U.S.$1,000

7.
(a)
Issue Date:
19 June 2019
(b)
Interest Commencement Date:
Issue Date
8.
(a)
Final Maturity Date:
15 June 2022

(b)
Extended Due for Payment Date of 15 June 2023
Guaranteed Amounts corresponding to
the Final Redemption Amount under
the Covered Bond Guarantee:
9.
Interest Basis:
From (and including) the Issue Date to (but excluding)
the Final Maturity Date: 2.100% Fixed Rate payable
semi-annually in arrear

From (and including) the Final Maturity Date to (but
excluding) the Extended Due for Payment Date: 1
month USD LIBOR plus 0.395% Floating Rate
payable monthly in arrear
10.
Redemption/Payment Basis:
Redemption at par on the Final Maturity Date, subject
to extension as set out in the Prospectus
11.
Change
of
Interest
Basis
or Fixed to Floating
Redemption/Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
Date of approval for issuance of Covered 29 May 2013, 30 March 2015, 4 April 2016, 24 July

2

Bonds:
2017, 23 July 2018 and 29 May 2019
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14.
Fixed Rate Covered Bond Provisions:
Applicable
(a)
Rate(s) of Interest:
2.100% per annum payable semi-annually in arrear on
each Interest Payment Date
(b)
Interest Payment Date(s):
Beginning on 15 December 2019, 15 June and 15
December of each year to and including the Final
Maturity Date (each, an Original Due for Payment
Date) not adjusted
(c)
Business Day Convention:
Following Business Day Convention (unadjusted)
(d)
Business Day(s):
Toronto, New York
(e)
Additional Business Centre(s):
Not Applicable
(f)
Fixed Coupon Amount(s):
U.S.$10.50 per Calculation Amount
(g)
Broken Amount(s):
Not Applicable
(h)
Day Count Fraction:
30 / 360
(i)
Determination Date(s):
1 June and 1 December in each year
(j)
Other terms relating to the method of Not Applicable
calculating interest for Fixed Rate
Covered Bonds:
15.
Floating Rate Covered Bond Provisions:
Applicable from and including the Final Maturity Date
to but excluding the Extended Due for Payment Date.

Applicable in respect of the Extended Due for
Payment Date of Guaranteed Amounts corresponding
to the Final Redemption Amount under the Covered
Bond Guarantee.
(a)
Interest Period(s):
The first Interest Period after the Final Maturity Date
will be the period from and including the Final
Maturity Date to but excluding the next following
Interest Payment Date and subsequent Interest Periods
will be from and including the Interest Payment Date
to but excluding the immediately following Interest
Payment Date, up to but excluding the Extended Due
for Payment Date.
(b)
Interest Payment Date(s):
The 15th calendar day of each month payable from but

3

excluding the Final Maturity Date to and including the
earlier of:
(i) the date on which the Covered Bonds are redeemed
in full; and (ii) the Extended Due for Payment Date.
(c)
First Interest Payment Date:
15 July 2022
(d)
Business Day Convention:
Modified Following Business Day Convention
(adjusted)
(e)
Business Day(s):
Toronto, New York
(f)
Additional Business Centre(s):
Not Applicable
(g)
Manner in which the Rate of Interest Screen Rate Determination
and Interest Amount is to be
determined:
(h)
Party responsible for calculating the Not Applicable
Rate of Interest and Interest Amount
(if not the Issuing and Paying Agent):
(i)
Screen Rate Determination:
Applicable
Reference
Rate
and
Relevant Reference Rate: 1 month USD LIBOR
Financial Centre:
Relevant Financial Centre: New York
Interest Determination Date(s):
The second London Business Day before the Reset
Date
Relevant Screen Page:
Reuters USD LIBOR 01
(j)
ISDA Determination:
Not Applicable
(k)
Floating
Rate
Covered
Bond 0.395% per annum
Margin(s):
(l)
Minimum Rate of Interest:
0.000% per annum
(m)
Maximum Rate of Interest:
60.000% per annum
(n)
Day Count Fraction:
Actual / 360
16.
Zero Coupon Covered Bond Provisions:
Not Applicable
PROVISIONS RELATING TO REDEMPTION

17.
Issuer Call:
Not Applicable

4

18.
Put Option:
Not Applicable
19.
Final Redemption Amount of each Covered U.S.$1,000 per Calculation Amount
Bond:
20.
Early Redemption Amount of each Covered U.S.$1,000 per Calculation Amount
Bond payable on redemption for taxation
reasons or illegality or upon acceleration
following an Issuer Event of Default or
Guarantor Event of Default or other early
redemption and/or the method of calculating
the same (if required or if different from that
set out in Condition 6.7 (Early Redemption
Amounts)):
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS

21.
Form of Covered Bonds:
Registered Covered Bonds:

Regulation S Global Covered Bond registered in the
name of the common depositary for DTC or its
nominee. Rule 144A Global Covered Bond registered
in the name of the common depositary for DTC or its
nominee.
22.
New Global Covered Bond
No
23.
Global Covered Bond held under the New No
Safekeeping Structure:
24.
Financial Centre(s) or other special provisions London, New York, Toronto
relating to payment dates:
25.
Talons for future Coupons to be attached to No
Bearer Definitive Covered Bonds (and dates
on which such Talons mature):
26.
Redenomination,
renominalisation
and Not Applicable
reconventioning provisions:

5

Signed on behalf of the Issuer:

By:

Name: Caroline Dufaux
Title: Head, Capital Management

Duly authorized

Signed on behalf of the Guarantor:

By:

Name: Chris Hughes
Title: President, BMO Covered Bond GP, Inc.

Duly authorized

(signature page to Final Terms)

6

PART 2
OTHER INFORMATION

1.
LISTING AND ADMISSION TO TRADING
(a)
Listing and admission to trading:
Application has been made by the Issuer (or on its
behalf) for the Covered Bonds to be admitted to
trading on the London Stock Exchange's Regulated
Market and to the Official List of the UK Listing
Authority with effect from 19 June 2019.
(b)
Estimate of total expenses related to £4,560
admission to trading:
2.
RATINGS

Ratings:
The Covered Bonds to be issued are expected to be
rated:

Fitch: AAA

Moody's: Aaa

DBRS: AAA
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in Subscription and Sale and Transfer and Selling Restrictions and in respect of Bank
of Montreal, London Branch (as a Dealer in respect of these Series CBL17 Covered Bonds) which is an
office of the Issuer, so far as the Issuer and the Guarantor are aware, no person involved in the offer of
the Covered Bonds has an interest material to the offer. The Managers and their affiliates have engaged,
and may in the future engage, in investment banking and/or commercial banking transactions with, and
may perform other services for, the Issuer and its affiliates in the ordinary course of business.
4.
YIELD (Fixed Rate Covered Bonds only)
Indication of yield:
2.146% per annum
5.
OPERATIONAL INFORMATION
Reg S: USC0623PAS77
(a)
ISIN Code:
144A: US06368B4Q83

(b)
Common Code:
Reg S: 201528135
144A: 201528968

(c)
Any clearing system(s) other than Reg S CUSIP: C0623PAS7
DTC, Euroclear or Clearstream, 144A CUSIP: 06368B4Q8
Luxembourg
and
the
relevant

7

identification number(s) or codes such
as CUSIP and CINS codes:
(d)
Name and address of initial Paying The Bank of New York Mellon
Agent(s)/Registrar(s)/Transfer
101 Barclay Street
Agent(s):
New York, NY 10286
(e)
Names and addresses of additional None
Paying Agent(s)/Transfer Agent(s) (if
any):
(f)
Intended to be held in a manner which No. Whilst the designation is specified as "no" at the
would allow Eurosystem eligibility:
date of these Final Terms, should the Eurosystem
eligibility criteria be amended in the future such that
the Covered Bonds are capable of meeting them the
Covered Bonds may then be deposited with one of the
ICSDs as common safekeeper. Note that this does not
necessarily mean that the Covered Bonds will then be
recognised as eligible collateral for Eurosystem
monetary policy and intra day credit operations by the
Eurosystem at any time during their life. Such
recognition will depend upon the ECB being satisfied
that Eurosystem eligibility criteria have been met.
6.
DISTRIBUTION

U.S. Selling Restrictions
Regulation S compliance category 2, Rule 144A
eligible
Prohibition of Sales to EEA Retail Investors:
Not Applicable

8