PrefBlog

Bank of Montreal has announced:

it has closed its domestic public offering of Non-Cumulative Perpetual Class B Preferred Shares, Series 35 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 35”). The offering was underwritten on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets. Bank of Montreal issued 6 million Preferred Shares Series 35 at a price of $25 per share to raise gross proceeds of $150 million.

The Preferred Shares Series 35 were issued under a prospectus supplement dated July 22, 2015, to the Bank’s short form base shelf prospectus dated March 13, 2014. Such shares will commence trading on the Toronto Stock Exchange today under the ticker symbol BMO.PR.Z.

Z is for Zombie. I have been advised that the underwriters aren’t wasting any time blowing it out of inventory – it’s being reoffered at 23.75.

BMO.PR.Z is a Straight Perpetual, 5.00%, NVCC-compliant issue, announced July 20. It will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscount sub-index.

The issue traded 96,035 shares today in a range of 24.01-25 before closing at 24.00-01, 45×98. Vital statistics are:

This entry was posted on Wednesday, July 29th, 2015 at 10:04 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.