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Bank of Montreal is offering $20,000,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due December 18, 2037. Each note has a principal amount of $1,000 and pays fixed interest of 5.15% per annum, with semi-annual payments on June 18 and December 18, starting June 18, 2026.
The notes are callable at Bank of Montreal’s option at par plus accrued interest on each June 18 and December 18 from December 18, 2030 through June 18, 2037. They are unsecured obligations, not insured by any government agency, and are subject to Canadian bail-in powers, meaning they can be converted into Bank of Montreal common shares or varied or extinguished under the Canada Deposit Insurance Corporation Act.
The original issue price is $1,000 per note, including a $5 underwriting discount, resulting in proceeds to Bank of Montreal of $995 per note, or $19,900,000 in total. The notes will not be listed on any securities exchange, and any secondary market is expected to be limited.
Bank of Montreal is issuing $3,678,000 of Senior Medium-Term Notes, Series K, redeemable fixed-rate notes due December 18, 2028. Each Note has a $1,000 principal amount, pays fixed interest at 4.10% per annum, and makes semi-annual interest payments on June 18 and December 18, starting June 18, 2026.
The Notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on optional redemption dates every June 18 and December 18 from December 18, 2026 through June 18, 2028. The Notes are unsecured, bail-inable obligations subject to Canadian bank resolution powers, are not insured by any government agency, and will not be listed on any securities exchange.
The original issue price is $1,000 per Note, with an underwriting discount of $3.60 per Note. Total proceeds to Bank of Montreal are $3,667,260.24 after an underwriting discount of $10,739.76.
Bank of Montreal is issuing $9,672,000 of Senior Medium-Term Notes, Series K, which are redeemable fixed-rate notes maturing on December 18, 2030. Each note has a $1,000 principal amount and pays interest at a fixed rate of 4.40% per annum, with semi-annual interest payments on June 18 and December 18, starting June 18, 2026.
The notes are callable by Bank of Montreal at 100% of principal plus accrued interest on each June 18 and December 18 from December 18, 2026 through June 18, 2030. They are unsecured obligations of Bank of Montreal, are not insured by any government agency, and will not be listed on any securities exchange, so liquidity may be limited. The notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished in a resolution scenario. The bank expects to receive proceeds of $9,623,640 after a $48,360 underwriting discount.
Bank of Montreal is offering S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity on January 20, 2028. Each note has a $1,000 principal amount and measures index performance from the trade date of December 15, 2025 to a determination date of January 18, 2028.
If the S&P 500® rises, holders earn 160% of the index gain, capped at a maximum settlement amount of $1,258.80 per note. If the index falls by up to 12.50% from the initial level of 6,816.51, investors receive their full principal. Below the 87.50% buffer level, principal is reduced by about 1.1429% for every 1% drop beyond the buffer, and investors could lose all of their investment.
The total offering is $2,669,000, the notes are unsecured obligations of Bank of Montreal, will not be listed on an exchange, and carry both market risk from the S&P 500® and credit risk of the issuer. The bank’s estimated initial value is $997.05 per $1,000 note, less than the original issue price.
Bank of Montreal is offering senior medium-term, equity-linked notes that are auto-callable and tied to the worst performer among Danaher, Alphabet Class A and Microsoft common stock, maturing December 20, 2027. Each $1,000 security pays a contingent coupon at a rate of 13.50% per annum, but only if on each quarterly calculation day the lowest performing stock is at or above 60% of its initial level; missed coupons can be paid later if conditions are met, via a memory feature. The notes may be automatically called from March 2026 to September 2027 if the lowest performer is at or above its initial level, returning principal plus due coupons. If not called and the lowest performer ends below 60% of its initial level, repayment of principal is reduced in line with that decline, and investors can lose most or all of their investment. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency.
Bank of Montreal filed Amendment No. 1 to its annual Form 40-F to correct the date on its Management’s Discussion and Analysis for the fiscal year ended October 31, 2025. The amendment adds an updated exhibit index, a refiled MD&A with the corrected date, new CEO and CFO certifications under Section 302 of the Sarbanes-Oxley Act, and a new signature page, while stating that no other part of the original annual report is amended, updated, or restated.
The cover disclosure shows 708,905,679 common shares outstanding, along with several series of Class B Non-Viability Contingent Capital preferred shares as of the period end. Footnotes note that on November 12, 2025, the bank redeemed its Cdn$1,250 million 4.300% Limited Recourse Capital Notes Series 1 together with 1,250,000 Class B Preferred Shares Series 48, and that on July 29, 2025, it issued US$1 billion 6.875% Fixed Rate Reset Limited Recourse Capital Notes Series 6 supported by US$1 billion of concurrently issued Class B Preferred Shares Series 55.
Bank of Montreal is issuing $1,926,000 of Senior Medium-Term Notes, Series K, Contingent Risk Absolute Return Buffer Notes due January 19, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.
Holders get 1-to-1 upside on any gain in the worst-performing index, capped at a Maximum Redemption Amount of $1,188.70 per $1,000 (an 18.87% maximum return). If that index is down but not by more than 15%, investors receive an equal positive “absolute” return, up to the Maximum Downside Redemption Amount of $1,150.00 per $1,000.
If the index falls more than 15%, investors lose 1% of principal for each 1% drop beyond the buffer, with a minimum payoff of $150 (an 85% loss). The notes pay no interest, will not be listed, are unsecured obligations subject to Bank of Montreal’s credit risk, and were priced at 100% of principal with an estimated initial value of $987.80 per $1,000.
Bank of Montreal is issuing US$4,566,000 of Senior Medium-Term Notes, Series K, maturing on December 18, 2028, linked to the S&P 500® Futures Excess Return Index. These "digital return barrier" notes offer a fixed positive return of 32.50% per $1,000 if the index gain is positive but below 32.50%, and a one-to-one upside if the index gain exceeds 32.50%.
If the index finishes below 70% of its initial level of 2,557.16, investors lose 1% of principal for each 1% decline, up to a total loss of principal. If the final level is between 70% and 100% of the initial level, investors receive only their $1,000 principal back with no gain. The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any exchange.
The price to the public is 100% of principal, with a 0.40% selling commission and 99.60% of proceeds to Bank of Montreal. The estimated initial value is $969.38 per $1,000, reflecting structuring, hedging costs and dealer compensation, and secondary market prices are expected to be lower than the issue price.
Bank of Montreal is issuing $3,115,000 of Senior Medium-Term Notes, Series K, Buffer Enhanced Return Notes due October 18, 2027, linked to the S&P 500® Index. The notes offer 150% leveraged upside on index gains, but the payoff is capped at a Maximum Redemption Amount of $1,197.50 per $1,000 of principal, equal to a 19.75% maximum return.
The structure includes a 20% downside buffer: if the index falls by up to 20% from the Initial Level of 6,901.00, investors receive their principal back. Below this buffer, investors lose about 1.25% of principal for every additional 1% decline, and can lose their entire investment at maturity. The notes pay no interest, are unsecured obligations of Bank of Montreal, and are not insured by U.S. or Canadian deposit insurance schemes. The estimated initial value is $995.93 per $1,000, reflecting offering and hedging costs.
Bank of Montreal is issuing US$425,000 of senior Medium-Term Notes, Series K, maturing on December 17, 2030, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are unsecured obligations of the bank. At maturity, investors receive their $1,000 principal per note if the index is at or below its initial level, and receive an additional return if it has risen, calculated using a 116.91% upside leverage factor.
The notes are not listed on any exchange, and secondary market liquidity is expected to be limited and dealer-driven. The estimated initial value is $971.76 per $1,000, lower than the public offering price due to embedded costs and hedging. The structure is linked to equity futures rather than the cash S&P 500® Index, and is affected by factors such as financing costs, negative roll yield, and the excess-return design, as well as the credit risk of Bank of Montreal and complex U.S. tax treatment.