Obbligazione Montreal Bank 0.952% ( XS1807402877 ) in GBP

Emittente Montreal Bank
Prezzo di mercato 100 GBP  ▲ 
Paese  Canada
Codice isin  XS1807402877 ( in GBP )
Tasso d'interesse 0.952% per anno ( pagato 4 volte l'anno)
Scadenza 16/04/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Bank of Montreal XS1807402877 in GBP 0.952%, scaduta


Importo minimo 100 000 GBP
Importo totale 400 000 000 GBP
Descrizione dettagliata La Bank of Montreal (BMO) è una delle più grandi banche del Canada, con operazioni a livello globale nei settori bancari al dettaglio, commerciali e di investimento.

The Obbligazione issued by Montreal Bank ( Canada ) , in GBP, with the ISIN code XS1807402877, pays a coupon of 0.952% per year.
The coupons are paid 4 times per year and the Obbligazione maturity is 16/04/2023








EXECUTION VERSION
OPERATIONAL INFORMATION DOCUMENT
This Operational Information Document relates to the Final Terms dated 12 April 2018 (the
"Final Terms") in respect of the issue by The Bank of Montreal of £400,000,000 Floating Rate
Covered Bonds due 16 April 2023 (the "Covered Bonds") unconditionally and irrevocably
guaranteed as to payments of interest and principal by BMO Covered Bond Guarantor Limited
Partnership under the U.S.$21 billion Global Registered Covered Bond Program.
This Operational Information Document has not been reviewed or approved by any competent
authority for the purposes of Directive 2003/71/EC (as amended, "the Prospectus Directive") or
otherwise and does not form part of the Final Terms for the purposes of the Prospectus Directive.
However, for all other purposes this Operational Information Document must be read in
conjunction with the Final Terms. Words and expressions which have a defined meaning in the
Final Terms or the Prospectus dated 17 October 2017, as supplemented by the first supplement dated
14 December 2017 and the second supplement dated 19 March 2018 have the same meanings in this
Operational Information Document.
MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET
MARKET ­ Solely for the purposes of each manufacturer's product approval process, the target market
assessment in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered
Bonds is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as
amended, MiFID II); and (ii) all channels for distribution of the Covered Bonds to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the Covered
Bonds (a "distributor") should take into consideration the manufacturers' target market assessment; however, a
distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the
Covered Bonds (by either adopting or refining the manufacturers' target market assessment) and determining
appropriate distribution channels.




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.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS ­ The Covered Bonds are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who
is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (MiFID II)
or (ii) a customer within the meaning of Directive 2002/92/EC (IMD) where that customer would not qualify as
a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information
document required by Regulation (EU) No 1286/2014 (the PRIIPs Regulation) for offering or selling the
Covered Bonds or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the Covered Bonds or otherwise making them available to any retail investor in the
EEA may be unlawful under the PRIIPs Regulation.
12 April 2018
Bank of Montreal
Issue of £400,000,000 Floating Rate Covered Bonds due 16 April 2023
unconditionally and irrevocably guaranteed as to payment of principal and interest by
BMO Covered Bond Guarantor Limited Partnership
under the U.S.$21 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 17 October 2017, as supplemented by the first supplement dated 14 December 2017 and
the second supplement dated 19 March 2018, which together constitute a base prospectus (the Prospectus) for
the purposes of the Prospectus Directive (Directive 2003/71/EC) (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 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
Investment Company Act Considerations" in the Prospectus.

1.
(a)
Issuer:
Bank of Montreal
(b)
Guarantor:
BMO Covered Bond Guarantor Limited Partnership
2.
(a)
Series Number:
CBL15
(b)
Tranche Number:
1
3.
Specified Currency or Currencies:
GBP, pounds sterling or £
4.
Aggregate Nominal Amount of Covered
Bonds admitted to trading:
(a)
Series:
£400,000,000
(b)
Tranche:
£400,000,000
5.
(a)
Issue Price:
100% of the Aggregate Nominal Amount
6.
(a)
Specified Denominations:
£100,000 and integral multiples of £1,000 in excess
thereof up to and including £199,000. No Covered
Bonds in definitive form will be issued with a
denomination above £199,000.
(b)
Calculation Amount:
£1,000

7.
(a)
Issue Date:
16 April 2018
(b)
Interest Commencement Date:
Issue Date
8.
(a)
Final Maturity Date:
16 April 2023

(b)
Extended Due for Payment Date of 16 April 2024
Guaranteed Amounts corresponding to
the Final Redemption Amount under
the Covered Bond Guarantee:
9.
Interest Basis:
From (and including) the Interest Commencement
Date to (but excluding) the Final Maturity Date: 3
month GBP LIBOR plus 0.280% per annum Floating
Rate, payable quarterly in arrear on each Interest
Payment Date

From (and including) the Final Maturity Date to (but
excluding) the Extended Due for Payment Date:
1 month GBP LIBOR plus 0.384% per annum Floating




Rate payable monthly in arrear on each Interest
Payment Date, subject to a minimum interest rate of
0.00%
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 Floating 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 and 24
Bonds:
July 2017
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14.
Fixed Rate Covered Bond Provisions:
Not Applicable
15.
Floating Rate Covered Bond Provisions:
Applicable from and including the Issue 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 will be the period from and
including the Issue Date to but excluding the 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, to but excluding the Final Maturity
Date.
If applicable, the first Interest Period after the Final
Maturity Date will be the period from and including
the Final Maturity Date to but excluding the 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, to but excluding the Extended Due for
Payment Date.
(b)
Interest Payment Date(s):
16 January, 16 April, 16 July and 16 October in each
year, commencing on 16 July 2018, up to and
including the Final Maturity Date; and
If applicable, the 16th calendar day of each month
payable from but 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:
16 July 2018
(d)
Business Day Convention:
Modified Following Business Day Convention
(adjusted) up to and including the Final Maturity Date;
and
If applicable, Modified Following Business Day
Convention (adjusted) for the period after the Final
Maturity Date to and including the Extended Due for
Payment Date
(e)
Business Day(s):
London, TARGET2, Toronto
(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:
Financial Centre:
From (and including) the Issue Date to (but excluding)
the Final Maturity Date, 3 month GBP LIBOR
From (and including) the Final Maturity Date to (but
excluding) the Extended Due for Payment Date, 1
month GBP LIBOR
Relevant Financial Centre: London, TARGET2,
Toronto
Interest Determination Date(s):

The first day of each Interest Calculation Period
Relevant Screen Page:
Reuters Screen Page LIBOR01
(j)
ISDA Determination:
Not Applicable
(k)
Floating
Rate
Covered
Bond
Margin(s):




From (and including) the Issue Date to (but excluding)
the Final Maturity Date, +0.280% per annum
From (and including) the Final Maturity Date to (but
excluding) the Extended Due for Payment Date,
+0.384% per annum
(l)
Minimum Rate of Interest:
0.000% per annum
(m)
Maximum Rate of Interest:
60.000% per annum
(n)
Day Count Fraction:
Actual / 365 (Fixed)
16.
Zero Coupon Covered Bond Provisions:
Not Applicable
PROVISIONS RELATING TO REDEMPTION

17.
Issuer Call:
Not Applicable
18.
Put Option:
Not Applicable
19.
Final Redemption Amount of each Covered £1,000 per Calculation Amount
Bond:
20.
Early Redemption Amount of each Covered £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 safekeeper for Euroclear and
Clearstream, Luxembourg or its nominee
22.
New Global Covered Bond
No
23.
Global Covered Bond held under the New Yes
Safekeeping Structure:
24.
Financial Centre(s) or other special provisions London, TARGET2, 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:






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 16 April 2018.
(b)
Estimate of total expenses related to £3,650
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 Selling Restrictions and in respect of Bank of Montreal, London Branch (as a
Dealer in respect of these Series CBL15 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:
Not Applicable
5.
OPERATIONAL INFORMATION

(a)
ISIN Code:
XS1807402877

(b)
Common Code:
180740287

(c)
Any clearing system(s) other than Not Applicable
DTC,
Euroclear
or
Clearstream,
Luxembourg
and
the
relevant
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
One Canada Square, 48th Floor
Agent(s):
London E14 4AL
(e)
Names and addresses of additional None
Paying Agent(s)/Transfer Agent(s) (if
any):
6.
DISTRIBUTION

U.S. Selling Restrictions
Regulation S compliance category 2, TEFRA Rules
not applicable; Not Rule 144A eligible