Bank of Montreal (BMO) plans $1B redemption of Series K NVCC notes

Rhea-AI Filing Summary

Bank of Montreal plans to redeem all of its $1 billion 1.928% Series K Medium-Term Notes, classified as Non-Viability Contingent Capital subordinated indebtedness, on July 22, 2026. These notes were originally scheduled to mature on July 22, 2031.

The redemption price will be 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date, after which interest will stop accruing. The redemption has been approved by the Office of the Superintendent of Financial Institutions. BMO reports total assets of $1.5 trillion as of April 30, 2026.

Insights

Bank capital structure analyst

BMO is calling a $1B subordinated NVCC note early, modestly reshaping its funding mix.

Bank of Montreal will redeem $1 billion of 1.928% Series K NVCC subordinated notes on July 22, 2026, five years before their 2031 maturity. The notes are being redeemed at par plus accrued interest, which is a standard call feature execution.

This step slightly adjusts BMO’s capital and liability profile, retiring a low-coupon subordinated instrument that qualifies as regulatory capital. With total assets of $1.5 trillion as of April 30, 2026, the redeemed amount is small relative to balance sheet size, so overall impact appears limited.

The redemption has been approved by the Office of the Superintendent of Financial Institutions, indicating regulatory comfort with BMO’s post-redemption capital position. Subsequent disclosures may outline whether the bank replaces this funding with new issuances or relies on existing capital strength.

Key Figures

Redemption amount: $1 billion Coupon rate: 1.928% Original maturity: July 22, 2031 +3 more

6 metrics

Redemption amount $1 billion Principal of Series K NVCC subordinated notes to be redeemed

Coupon rate 1.928% Interest rate on Series K Medium-Term Notes

Original maturity July 22, 2031 Scheduled maturity date of Series K notes

Redemption date July 22, 2026 Date on which Series K notes will be redeemed

Redemption price 100% of principal plus accrued interest Terms of Series K note redemption

Total assets $1.5 trillion BMO total assets as of April 30, 2026

Key Terms

Non-Viability Contingent Capital (NVCC), Subordinated Indebtedness, Medium-Term Notes, Office of the Superintendent of Financial Institutions

4 terms

Non-Viability Contingent Capital (NVCC) financial

"1.928% Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness)"

Subordinated Indebtedness financial

"Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness)"

Debt that carries lower priority for repayment than other borrowings, meaning holders are paid only after higher‑priority creditors are made whole if the borrower runs into financial trouble; think of it as standing at the back of a queue at a checkout. It matters to investors because it usually carries higher interest to compensate for greater risk, affects how much creditors recover in default, and influences a borrower’s overall credit profile and cost of borrowing.

Medium-Term Notes financial

"1.928% Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC))"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Office of the Superintendent of Financial Institutions regulatory

"The redemption has been approved by the Office of the Superintendent of Financial Institutions."

An Office of the Superintendent of Financial Institutions is a government regulator that supervises banks, insurers, pension plans and other federally regulated financial firms to keep them safe and sound. Its role matters to investors because it sets rules, performs exams and can require fixes or intervene to prevent failures—much like a building inspector for financial companies—so its actions influence a firm’s stability, regulatory risk and ultimately its share or bond value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/15/2026 - 05:11 PM Accepted by SEC EDGAR 06/15/2026 - 05:10 PM Learn about SEC filing dates

FAQ

What did Bank of Montreal (BMO) announce in this Form 6-K?

Bank of Montreal announced it will redeem all of its $1 billion 1.928% Series K Medium-Term Notes on July 22, 2026. These notes are NVCC subordinated indebtedness originally due in 2031, and will be redeemed at par plus accrued interest.

How large is the Bank of Montreal Series K note redemption?

The redemption covers $1 billion of 1.928% Series K Medium-Term Notes. This is a subordinated NVCC issue, meaning it qualifies as regulatory capital. The amount is small compared with BMO’s total assets of $1.5 trillion as of April 30, 2026.

When will BMO redeem its Series K NVCC subordinated notes?

BMO plans to redeem the Series K NVCC subordinated notes on July 22, 2026. That date is five years before their original July 22, 2031 maturity. Interest will accrue up to, but excluding, the redemption date and then cease thereafter.

At what price will Bank of Montreal redeem the Series K notes?

BMO will redeem the Series K notes at 100% of their principal amount plus accrued and unpaid interest. This means investors receive full par value along with any interest earned up to, but excluding, July 22, 2026, the redemption date.

Has the regulator approved BMO’s $1 billion Series K note redemption?

Yes, the redemption has been approved by the Office of the Superintendent of Financial Institutions. This approval indicates the Canadian banking regulator is satisfied that BMO’s capital position remains adequate after redeeming the $1 billion NVCC subordinated notes.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of: June, 2026 Commission File Number: 001-13354

BANK OF MONTREAL

(Name of Registrant)

100 King Street West
1 First Canadian Place		129 rue Saint-Jacques
Toronto, Ontario		Montreal, Quebec
Canada, M5X 1A1		Canada, H2Y 1L6
(Executive Offices)		(Head Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐   Form 40-F ☒

INCORPORATION BY REFERENCE

The information contained in this Form 6-K and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission (“SEC”) solely for purposes of incorporation by reference into and as part of the following registration statements of the registrant on file with and declared effective by the SEC:

1. Registration Statement – Form F-3 – File No. 333-214934

2. Registration Statement – Form F-3 – File No. 333-285508

3. Registration Statement – Form S-8 – File No. 333-191591

4. Registration Statement – Form S-8 – File No. 333-180968

5. Registration Statement – Form S-8 – File No. 333-177579

6. Registration Statement – Form S-8 – File No. 333-177568

7. Registration Statement – Form S-8 – File No. 333-176479

8. Registration Statement – Form S-8 – File No. 333-175413

9. Registration Statement – Form S-8 – File No. 333-175412

10. Registration Statement – Form S-8 – File No. 333-113096

11. Registration Statement – Form S-8 – File No. 333-14260

12. Registration Statement – Form S-8 – File No. 33-92112

13. Registration Statement – Form S-8 – File No. 333-207739

14. Registration Statement – Form S-8 – File No. 333-237522

15. Registration Statement – Form S-8 – File No. 333-276007

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		Press Release - BMO to Redeem $1 billion Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) First Tranche

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				BANK OF MONTREAL
				By:		/s/ Rahul Nalgirkar
				Name:		Rahul Nalgirkar
				Title:		Chief Financial Officer
Date: June 15, 2026				By:		/s/ Pascale Elharrar
				Name:		Pascale Elharrar
				Title:		Corporate Secretary

Exhibit 99.1

News

FOR IMMEDIATE RELEASE

BMO to Redeem $1 billion Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) First Tranche

TORONTO, June 15, 2026 – Bank of Montreal (TSX:BMO) (NYSE:BMO) today announced that it intends to redeem all of its $1 billion 1.928% Series K Medium-Term Notes (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) First Tranche due July 22, 2031 (the “Notes”). The redemption will occur on July 22, 2026 (the “Redemption Date”). The Notes are redeemable at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the Redemption Date. Interest on the Notes will cease to accrue from and after the Redemption Date.

The redemption has been approved by the Office of the Superintendent of Financial Institutions. Notice will be delivered to holders of the Notes in accordance with the terms of the related indenture.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of April 30, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

For News Media Enquiries:

John Fenton, Toronto, John.Fenton@bmo.com, (416) 867-3996

For Investor Relations Enquiries:

Christine Viau, Toronto, christine.viau@bmo.com, (416) 867-6956

Bill Anderson, Toronto, bill2.anderson@bmo.com, (416) 867-7834

Internet: www.bmo.com X: @BMOMedia

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 5.0 KB