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Bank of Montreal is offering senior medium-term, fixed rate Notes due February 25, 2031, in $1,000 denominations. Each Note pays 4.35% per annum in cash interest, with semi-annual payments on February 25 and August 25, starting August 25, 2026.
Unless redeemed earlier, investors receive $1,000 per Note plus accrued interest at maturity. Bank of Montreal may redeem the Notes in whole, but not in part, at 100% of principal plus accrued interest on designated optional redemption dates every February 25 and August 25 from 2028 through 2030.
The Notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited. They are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished under Canadian bank resolution powers.
Bank of Montreal describes its Market Index Target-Term Securities® (“MITTS®”), which are senior unsecured debt linked to one or more equity indices. Payments, including any principal repayment, depend on the bank’s credit; a default could cause partial or total loss, and the MITTS are not deposit-insured.
The return is based on the change of a specified equity index or Basket from a Starting Value to an Ending Value, with a Participation Rate generally at or above 100%. Upside may be limited by a Capped Value, and a Minimum Redemption Amount can be set below principal, putting principal at risk.
MITTS pay no periodic interest, are not redeemable before maturity, and are generally not listed on an exchange, so secondary market liquidity and pricing are uncertain. The document highlights extensive structural, market, conflict-of-interest and tax risks for U.S. and non-U.S. holders, including potential U.S. withholding and complex CPDI treatment.
Bank of Montreal describes its Leveraged Index Return Notes (LIRNs), which are senior unsecured debt linked to one or more equity securities or baskets. Repayment of principal is not guaranteed, no interest is paid, and investors may lose all or a significant portion of their investment.
The notes’ payoff depends on the performance of a specified Market Measure versus a Starting Value, Threshold Value and, for some series, a Call Level and Capped Value. Certain LIRNs may be automatically called if performance meets preset levels, limiting upside to a stated Call Premium or cap.
The document outlines key structural features, the role and discretion of calculation agents, anti-dilution and reorganization adjustments, market and liquidity risks, conflicts of interest, and complex U.S. and Canadian tax considerations, including potential early income recognition and withholding exposure for non-U.S. holders.
Bank of Montreal is issuing an additional $12,500,000 of MAX Airlines -3X Inverse Leveraged ETNs (JETD), bringing total notes outstanding to $25,000,000 at $25 principal per note, due May 28, 2043.
The notes provide -3x daily inverse exposure to the Prime Airlines Index, reset each day, and charge a 0.95% annual Daily Investor Fee, possible negative Daily Interest, and a 0.125% early redemption fee. They pay no interest, offer no principal protection, can go to $0, and are intended only as short-term daily trading tools for sophisticated investors willing to monitor positions intraday.
Any payments depend on the credit of Bank of Montreal as unsecured, unsubordinated debt, and the notes are listed on NYSE under ticker JETD.
Bank of Montreal is offering senior Medium-Term Notes, Series K, paying a fixed interest rate of 4.40% per annum and scheduled to mature on February 25, 2031. Each Note has a $1,000 principal amount, with interest paid semi-annually on February 25 and August 25, starting August 25, 2026.
The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each February 25 and August 25 from February 25, 2027 through August 25, 2030. They are unsecured obligations of Bank of Montreal and are not insured by any government agency.
The Notes are designated as bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or an affiliate, or varied or extinguished, in a Canadian resolution scenario. The Notes will not be listed on any securities exchange, and investors may face limited or no secondary market liquidity.
Bank of Montreal is offering S&P 500® Index-linked notes with a total original issue size of $5,420,000.00, sold at $1,000 per note with no underwriting discount. The notes pay no interest and are designed to be held to maturity on April 28, 2027.
The payoff depends on S&P 500 performance from the February 9, 2026 trade date to the April 26, 2027 determination date. Investors get 160% upside participation, capped at a maximum settlement amount of $1,154.72 per $1,000 note, if the index rises above the initial level of 6,964.82, up to a cap level of 7,638.318094.
A 10% buffer protects principal for declines down to 90.00% of the initial level (buffer level 6,268.338), but below that the notes lose about 1.1111% of principal for each 1% drop beyond the buffer, potentially to a full loss. The notes are unsecured obligations of Bank of Montreal, not listed on any exchange, and carry both market and issuer credit risk.
Bank of Montreal is offering US$5,000,000 of Buffer Enhanced Return Notes linked to the Russell 2000® Index. These senior medium-term notes provide 200% leveraged upside on index gains, but the payment at maturity cannot exceed $1,165 per $1,000 of principal, a 16.5% maximum return.
Principal is protected only by a 10% downside buffer: if the index falls more than 10% from its initial level of 2,303.719, investors lose 1% of principal for each additional 1% decline, up to a 90% loss. The notes pay no interest, are not exchange-listed, and all payments depend on Bank of Montreal’s credit. The estimated initial value on the pricing date is $990.45 per $1,000, reflecting offering, structuring, and hedging costs.
Bank of Montreal is offering US$1,000,000 of Capped Buffer Enhanced Return Notes linked to the iShares® Semiconductor ETF. These unsecured notes provide 150% leveraged exposure to any upside in SOXX, but returns are capped at a Maximum Redemption Amount of $1,535.30 per $1,000 (a 53.53% maximum return).
Investors are protected against the first 10% of losses in SOXX, but beyond this buffer they lose 1% of principal for each additional 1% decline, for a potential loss of up to 90%. The notes pay no interest, are not exchange-listed, and all payments depend on Bank of Montreal’s credit. The Initial Level of SOXX is $352.77, with an estimated initial note value of $985.11 per $1,000.
Bank of Montreal is offering US$1,769,000 of Senior Medium-Term Notes, Series K, digital return barrier notes maturing March 12, 2027, linked to the worst performer of the S&P 500, NASDAQ-100 and Russell 2000.
Investors receive a fixed 10.30% digital return at maturity if the least performing index finishes at or above 70% of its initial level; otherwise, if it falls below 70%, repayment is reduced 1% for each 1% decline and can drop to zero. The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, not insured by deposit insurers, will not be listed, and have an estimated initial value of $987.15 per $1,000, below the 100% public offering price due to structuring and distribution costs.
Bank of Montreal is issuing US$380,000 of Senior Medium-Term Notes, Series K, that are step down autocallable barrier notes with step up call amounts due February 14, 2028, linked to the common stock of ServiceNow, Inc. (ticker "NOW"). The Initial Level is $103.87, with a Call Level at 100% of that level and a Trigger Level at 70%, or $72.71.
Beginning February 16, 2027, the notes are automatically redeemed if the stock closes at or above the Call Level on an Observation Date, paying principal plus a fixed Call Amount; these Call Amounts equate to an approximate 21.40% per annum return. If never called and the Final Level is below the Trigger Level, investors are exposed to downside, receiving shares (or cash) based on a Physical Delivery Amount that is less than principal. The estimated initial value is $970.08 per $1,000, with a 1.85% agent’s commission and 98.15% proceeds to Bank of Montreal.