Latest news with #NVCC
Cision Canada
21-07-2025
- Business
- Cision Canada
Bank of Montreal Announces AT1 Limited Recourse Capital Notes Issue Français
TORONTO, July 21, 2025 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO or the "Bank") today announced the pricing of USD 1.0 billion of non-viability contingent capital ("NVCC") Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 6 (the "LRCNs"). The LRCNs will bear interest at a rate of 6.875 per cent annually, payable quarterly, for the initial period ending, but excluding, November 26, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.976 per cent. The LRCNs will mature on November 26, 2085. The expected closing date of the offering is July 29, 2025. On or before the issuance of the LRCNs, the Bank will issue NVCC Non-Cumulative 5-Year Fixed Rate Reset Class B Preferred Shares, Series 55 ("Preferred Shares Series 55") to be held by Computershare Trust Company of Canada, as trustee for BMO LRCN Trust (the "Limited Recourse Trust"). In the case of non-payment of interest, principal or the redemption price on the LRCNs when due or an event of default, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Preferred Shares Series 55 except in limited circumstances. The LRCNs may be redeemed at the option of the Bank, with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part, on not less than 10 nor more than 60 days' prior notice, every quarter on the interest payment date, commencing on November 26, 2030. The net proceeds will be contributed to the general funds of the Bank and will be utilized for general banking purposes, which may include the redemption of outstanding capital securities of the Bank and/or repayment of other outstanding liabilities of the Bank, and are expected to qualify as Additional Tier 1 capital of the Bank for regulatory purposes. BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc. and Mizuho Securities USA LLC are the joint book-running managers for the offering. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. The offering is being made only by means of a prospectus supplement and the accompanying prospectus that forms a part of the registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, copies of the final prospectus supplement, when available, and the accompanying prospectus may also be obtained by contacting BMO Capital Markets Corp. toll-free at 1-888-200-0266; Citigroup Global Markets Inc. toll-free at 1-800-831-9146; Goldman Sachs & Co. LLC toll-free at 1-866-471-2526; J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847 and Mizuho Securities USA LLC toll-free at 1-866-271-7403. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, these securities in the United States or in any other jurisdiction where such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. About BMO Financial Group BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single 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 inclusive society. SOURCE BMO Financial Group
Globe and Mail
11-07-2025
- Business
- Globe and Mail
TD Bank Group to Issue Australian Dollar NVCC Subordinated Debentures
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, July 10, 2025 /CNW/ - The Toronto-Dominion Bank ("TD" or the "Bank") (TSX: TD) (NYSE: TD) today announced the pricing of a private placement offering of AUD 30 million of Fixed-to-Floating Rate Subordinated Notes (Non-Viability Contingent Capital (NVCC)) constituting subordinated indebtedness of the Bank (the "Notes").
Yahoo
11-07-2025
- Business
- Yahoo
Royal Bank of Canada announces Japanese Yen NVCC subordinated debenture issue
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, July 10, 2025 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced a private placement offering of JPY 26 billion of non-viability contingent capital (NVCC) subordinated debentures ("the Notes") through its European Programme for the Issuance of Securities. The Notes bear interest at a fixed rate of 1.963 per cent per annum (paid semi-annually) until July 17, 2030 and at the 5 year Tokyo Overnight Average Rate (TONA) mid-swap rate plus 1.02 per cent thereafter until their maturity on July 17, 2035 (paid semi-annually). The expected closing date is July 17, 2025. RBC Capital Markets and Nomura International are acting as lead managers on the issue. The bank may, at its option and with the prior approval of the Office of the Superintendent of Financial Institutions, redeem the Notes at any time on or after July 17, 2030, in whole but not in part, at par plus accrued and unpaid interest, on not less than 30 days' and not more than 60 days' notice to registered holders. Net proceeds from this transaction will be used for general business purposes. The Notes are expected to qualify as Tier 2 capital of RBC for regulatory purposes. Disclaimers The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be unlawful. United Kingdom Markets in Financial Instruments Regulation ("UK MiFIR") professionals / eligible counterparties-only / No European Union or United Kingdom Packaged Retail and Insurance-based Investment Products key information document ("KID") – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No KID has been prepared as not available to retail in European Economic Area or the United Kingdom. This document is being distributed only to, and is directed only at, persons who: (i) are outside the United Kingdom, or (ii) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"), or (iii) are high net worth entities and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the FPO (all such persons together being referred to as "relevant persons"). Any investment activity to which this document relates will only be available to, and will only be engaged in with, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Sales in Japan to Qualified Institutional Investors only. For further information, please contact: Investor Contact: Asim Imran, Investor Relations, 416-955-7804 Media Contact: Tracy Tong, Financial Communications, 416-655-1915 SOURCE Royal Bank of Canada View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
09-07-2025
- Business
- Globe and Mail
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs").
Yahoo
25-06-2025
- Business
- Yahoo
Royal Bank of Canada announces NVCC subordinated debenture issue
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, June 25, 2025 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced an offering of $1.25 billion of non-viability contingent capital (NVCC) subordinated debentures ("the Notes") through its Canadian Medium Term Note Program. The Notes bear interest at a fixed rate of 4.214 per cent per annum (paid semi-annually) until July 3, 2030 and at Daily Compounded CORRA plus 1.51 per cent thereafter until their maturity on July 3, 2035 (paid quarterly). The expected closing date is July 3, 2025. RBC Capital Markets is acting as lead agent on the issue. The bank may, at its option and with the prior approval of the Office of the Superintendent of Financial Institutions, redeem the Notes on or after July 3, 2030 at par, in whole at any time or in part from time to time, on not less than 30 days' and not more than 60 days' notice to registered holders. Net proceeds from this transaction will be used for general business purposes. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be unlawful. For further information, please contact: Investor Contact:Asim Imran, Investor Relations, 416-955-7804 Media Contact:Tracy Tong, Financial Communications, 416-655-1915 SOURCE Royal Bank of Canada View original content to download multimedia:
