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Bank of Montreal issues sustainability notes due 2022

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Bank of Montreal issues sustainability notes due 2022

Bank of Montreal issued $500 million aggregate principal amount of 2.050% sustainability notes due Nov. 1, 2022.

The sustainability bonds are bail-inable notes. These constitute deposit liabilities of Bank of Montreal and are unsubordinated and unsecured obligations of the bank.

The offering closed Oct. 21. It was distributed by a syndicate co-led by BMO Capital Markets.

Proceeds of the transaction will be allocated toward eligible green and social asset categories as defined in its sustainable financing framework. The bank will report publicly on the use of the bond proceeds within one year of issuance and annually thereafter.

Published in September, Bank of Montreal's sustainable financing framework defines eligible assets across seven green and four social project categories that link to the United Nations 2030 Agenda for Sustainable Development. Each category contributes to specific sustainable development goals set by the United Nations. The framework is aligned to the International Capital Market Association's Green Bond Principles and Social Bond Principles and obtained a second party opinion from Sustainalytics.

Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group.