The Bank of Montreal is offering non‑interest bearing, principal‑at‑risk notes linked to the S&P 500® Index with $1,000 principal amounts per note. The notes may be automatically called on a call observation date (expected 12–14 months after trade date) for the principal plus a call premium (expected 10.31%–12.09%).
If not called, the stated maturity is expected at about 24 months and the maturity payment depends on index performance: positive participation equals a 150% upside participation rate on appreciation; negative performance results in a one‑for‑one loss of principal (you lose 1% of principal for each 1% the index declines). The issuer’s initial estimated value is expected to be $954.00–$984.00 per $1,000 principal amount; the notes are unsecured obligations of Bank of Montreal and are not FDIC‑insured.
BMO Financial Group reported strong growth for the second quarter ended April 30, 2026. Reported net income rose to $2,630 million, up 34% from $1,962 million a year earlier, while adjusted net income reached $2,733 million, also up 34%. Diluted EPS increased to $3.53 reported and $3.67 adjusted, reflecting higher revenue across Canadian and U.S. banking, Wealth Management and Capital Markets, and a lower provision for credit losses of $739 million versus $1,054 million.
Return on equity improved to 13.0% reported and 13.5% adjusted, and the quarterly dividend was raised to $1.71 per share, 5% above the prior year. The CET1 capital ratio was 13.0%. BMO also agreed to sell its Transportation Finance and Vendor Finance businesses to Stonepeak, expecting an approximate $1.1 billion pre-tax charge in fiscal 2026 and to retain a 19.9% equity interest in the new entity.
BMO Financial Group reported a strong second quarter of 2026 with sharply higher profit and earnings per share. Net income was $2,630 million, up 34% from $1,962 million a year earlier, while adjusted net income rose to $2,733 million, also up 34%. Diluted EPS increased to $3.53, up 41%, and adjusted EPS reached $3.67, up 40%. Reported return on equity improved to 13.0%, with adjusted ROE at 13.5%, reflecting higher revenue, lower credit losses and controlled expenses.
Provision for credit losses fell to $739 million from $1,054 million, and the total PCL ratio declined to 0.45%. BMO declared a quarterly common dividend of $1.71 per share, up 5% year-over-year and 2% sequentially, equivalent to $6.84 annually, and repurchased 6.0 million common shares at an average price of $193.47. Capital ratios remained robust, with a Common Equity Tier 1 Ratio of 13.0% and a TLAC Ratio of 29.0%. BMO also agreed to sell its Transportation Finance and Vendor Finance businesses to Stonepeak for cash plus an earn-out, retaining an approximate 19.9% equity interest and expecting a pre-tax charge of about $1.1 billion in the third quarter treated as an adjusting item.
Bank of Montreal (BMO) is marketing senior medium-term, equity-linked notes due June 8, 2027 linked to the lowest performing common stock of Dollar General (DG), The Home Depot (HD) and Tractor Supply (TSCO). The original offering price is $1,000 per security and the securities pay no interest.
At maturity the payment equals the face amount plus a contingent fixed return if the lowest performing underlier’s ending value is greater than or equal to its threshold (75% of starting value). If the lowest performing underlier falls below the threshold, holders suffer full downside equal to the underlier return. The minimum contingent fixed return will be 38.20% (at least $382.00 per security). The pricing date is May 28, 2026 and issue date is June 2, 2026.
Bank of Montreal priced US$1,015,000 of Senior Medium‑Term Notes, Series K — Capped Buffer Enhanced Return Notes — due May 29, 2029. The notes were priced on May 21, 2026 with settlement on May 27, 2026 and a valuation date of May 23, 2029.
The notes provide 150.00% upside leverage on an unequally weighted basket of five indices, subject to a Maximum Redemption Amount of $1,448.00 per $1,000 principal (a 44.80% cap). A 5.00% buffer protects the principal only if the Basket decline does not exceed 5.00%; declines beyond the buffer lose 1.00% of principal per 1.00% decline, up to a 95.00% loss. All payments are subject to Bank of Montreal credit risk.
Bank of Montreal (BMO) priced a US$2,699,000 offering of Senior Medium-Term Notes, Series K — Callable Barrier Notes — linked to the least performing of the Class A common stock of Palantir Technologies, Inc. (PLTR) and Robinhood Markets, Inc. (HOOD). The notes were priced on May 21, 2026, settle on May 27, 2026 and mature on February 28, 2028.
Key economic features: a contingent interest rate of 2.3333% per month (approximately 28.00% per annum) payable monthly if each Reference Asset on an Observation Date is at or above its coupon barrier; a principal repayment at maturity that is full principal unless a Trigger Event occurs, in which case payment equals $1,000 plus $1,000 multiplied by the Percentage Change of the least performing Reference Asset. Initial Levels were PLTR $137.42 and HOOD $75.92, with coupon and trigger barriers set at 50% of those Initial Levels (PLTR $68.71, HOOD $37.96). The estimated initial value on the Pricing Date was $976.34 per $1,000 principal.
Bank of Montreal priced a US$248,000 offering of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Capital One Financial Corporation (COF). The notes have a Pricing Date of May 21, 2026, a Settlement Date of May 27, 2026, and a Maturity Date of June 28, 2027. Each $1,000 principal note was offered at 100% of par and pays a contingent coupon of 1.2583% per month (approximately 15.10% per annum) if the Reference Asset meets monthly Coupon Barrier conditions on Observation Dates. The notes are autocallable beginning on November 24, 2026 if the Reference Asset closes at or above the Call Level; final cash payoff at maturity depends on the Reference Asset Final Level relative to a Trigger Level equal to 70.00% of the Initial Level. The notes are unsecured obligations of the issuer and are cash‑settled at maturity; physical delivery of COF shares is not available.
Bank of Montreal offers US$2,535,000 in Senior Medium-Term Notes, Series K — Barrier Notes with Contingent Coupons due May 23, 2029. The notes pay monthly contingent coupons of 0.8708% per month (≈10.45% per annum) if each reference ETF closes at or above its 70% Coupon Barrier on Observation Dates. At maturity investors receive $1,000 per $1,000 principal unless a Trigger Event occurs; if any Reference Asset closes below its 70% Trigger Level on the Valuation Date, the maturity payment equals $1,000 × (1 + Percentage Change of the Least Performing Reference Asset), which may be less than principal and could be zero. Estimated initial value was $977.30 per $1,000 on the Pricing Date. Reference Assets are EEM, IWM and QQQ. Other key dates: Strike Date May 20, 2026, Pricing Date May 21, 2026, Settlement Date May 26, 2026, Valuation Date May 21, 2029.
Bank of Montreal (BMO) is offering US$528,000 of Senior Medium-Term Notes, Series K: Autocallable Barrier Notes with Contingent Coupons due May 27, 2031. The notes pay a Contingent Coupon of 0.575% per month (approximately 6.90% per annum) when each reference index is at or above its Coupon Barrier on Coupon Observation Dates. The notes reference the S&P 500, Russell 2000 and Dow Jones Industrial Average, are callable on specified observation dates if each Reference Asset is at or above 100% of its Initial Level, and have a Trigger Level and Coupon Barrier equal to 70.00% of each Initial Level. If not called, payment at maturity depends on the Percentage Change of the least performing Reference Asset; a Trigger Event (Final Level below the 70% Trigger Level) causes the principal repayment to be reduced pro rata. The Pricing Date is May 21, 2026, Settlement Date is May 27, 2026, Valuation Date is May 21, 2031, and the estimated initial value on the Pricing Date was $948.76 per $1,000 principal amount.
Bank of Montreal is offering US$1,142,000 of Senior Medium-Term Notes, Series K — Autocallable Barrier Notes linked to the common stock of Capital One Financial Corporation (ticker COF). The notes price on May 21, 2026, settle on May 27, 2026 and mature on June 28, 2027. The notes pay a 1.0542% monthly contingent coupon (approximately 12.65% per annum) when the Reference Asset on each Observation Date is at or above the Coupon Barrier Level of $130.66 (70.00% of the Initial Level of $186.66). Beginning November 24, 2026, the notes may be automatically redeemed if the Reference Asset closes at or above the Call Level (100% of the Initial Level). At maturity, if the Final Level is below the Trigger Level ($130.66), investors receive a reduced cash payoff equal to $1,000 plus Percentage Change of the Initial Level, which can be less than principal. The estimated initial value was $972.55 per $1,000 principal amount on the Pricing Date.