{"id":1246,"date":"2007-09-27T12:45:20","date_gmt":"2007-09-27T16:45:20","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1246"},"modified":"2007-09-27T12:45:20","modified_gmt":"2007-09-27T16:45:20","slug":"new-issue-bmo-525-perpetual","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1246","title":{"rendered":"New Issue : BMO 5.25% Perpetual"},"content":{"rendered":"

Hot on the heels of the BNS 5.25% Perp New Issue<\/a> comes a very similar offering from BMO<\/a>!<\/p>\n

\n

Bank of Montreal (TSX, NYSE: BMO) today announced a domestic public offering of $250 million of Non-Cumulative Perpetual Class B Preferred Shares Series 14 (the \u201cPreferred Shares\u201d).<\/p>\n<\/blockquote>\n

With an anticipated closing date of October 9, this too will get the Tier 1 Capital onto BMO’s balance sheet prior to their year-end.<\/p>\n

Size: 10-million shares = $250-million. Greenshoe option for 2-million shares = $50-million.<\/p>\n

Dividends: 5.25% of par = $1.3125 p.a. Fat first dividend of $0.49983 payable February 25, 2008 based on October 9 closing.<\/p>\n

Redemption: Redeemable at $26 commencing November 25, 2012; redemption price declines by $0.25 annually until November 25, 2016; redeemable at $25.00 thereafter.<\/p>\n

Priority: Parri Passu with all other preferred shares; Senior to common; Junior to everything else.<\/p>\n

Ratings: S&P: P-1(low); DBRS Pfd-1; Moody’s: Aa3 (I can’t remember\u00a0seeing a Moody’s rating for a Canadian Pref before … is BMO doing a little ratings-shopping after their downgrade by S&P<\/a>?)<\/p>\n

HIMIPref\u2122 Valuation: The issue has been added to the HIMIPref\u2122 database with a preIssue<\/a> securityCode<\/a> of P25008. Estimated fair price with some comparables is:<\/p>\n

\n\n\n\n\n\n\n\n
Comparables<\/td>\n<\/tr>\n
Issue<\/td>\nFair Value
\nEstimated
\nby HIMIPref\u2122<\/td>\n		Quote 9\/26<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\n25.35<\/td>\n25.60-66<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\n22.90<\/td>\n22.72-75<\/td>\n<\/tr>\n
BMO.PR.?<\/td>\n25.32<\/td>\nNot Yet Trading<\/td>\n<\/tr>\n
BNS.PR.?<\/td>\n25.33<\/td>\nNot Yet Trading<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Hot on the heels of the BNS 5.25% Perp New Issue comes a very similar offering from BMO! Bank of Montreal (TSX, NYSE: BMO) today announced a domestic public offering of $250 million of Non-Cumulative …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,17],"tags":[],"class_list":["post-1246","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1246"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1246\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}