{"id":27550,"date":"2015-01-22T20:36:28","date_gmt":"2015-01-23T01:36:28","guid":{"rendered":"http:\/\/prefblog.com\/?p=27550"},"modified":"2015-01-22T20:36:28","modified_gmt":"2015-01-23T01:36:28","slug":"bmo-pr-p-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27550","title":{"rendered":"BMO.PR.P To Be Redeemed"},"content":{"rendered":"

The Bank of Montreal has announced<\/a>:<\/p>\n

its intention to redeem all of its $400,000,000 Non-Cumulative 5-Year Rate Reset Class B Preferred Shares Series 23 (“Preferred Shares Series 23”) on February 25, 2015.<\/p>\n

The Preferred Shares Series 23 are redeemable at Bank of Montreal’s option on February 25, 2015, at a redemption price of $25.00 per share. Payment of the redemption price will be made by Bank of Montreal on or after February 25, 2015, upon surrender of the Preferred Shares Series 23.<\/p>\n

Separately from the payment of the redemption price, the final quarterly dividend of $0.3375 per share for the Preferred Shares Series 23 will be paid in the usual manner on February 25, 2015, to shareholders of record on February 2, 2015.<\/p>\n

Notice will be delivered to holders of the Preferred Shares Series 23 in accordance with the terms outlined in the Preferred Shares Series 23 prospectus supplement.<\/p><\/blockquote>\n

BMO.PR.P is a FixedReset, 5.40%+241, that commenced trading 2009-6-19<\/a> after being announced 2009-6-10<\/a>. The issue has been tracked by HIMIPref™ and is assigned to the FixedReset subindex. The issue is not NVCC compliant and therefore redemption on or before 2021-1-31 has been assumed in the analysis ever since the rules were announced<\/a> without a grandfather clause<\/a> and recognized by HIMIPref™<\/a>.<\/p>\n

Redemption of this issue has been widely expected, but I must admit that I thought it could go either way. Five Year Canadas closed at 0.84% bid today, implying the bank could have got another five-years’ worth of Tier 1 Capital for only 3.27%. I guess they don’t figure on needing it!<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Montreal has announced: its intention to redeem all of its $400,000,000 Non-Cumulative 5-Year Rate Reset Class B Preferred Shares Series 23 (“Preferred Shares Series 23”) on February 25, 2015. The Preferred Shares …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-27550","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27550","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=27550"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27550\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}