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Covered Bonds

BMO Global Registered Covered Bond Program

B M O's Global Registered Covered Bond Program is registered under the National Housing Act (Canada). Covered bonds outstanding under this program were issued after December 2012.

Terms of Access

  • Before entering this site, please read carefully the following important terms and conditions that govern your access to, and use of, this site, and acknowledge your agreement of them. If you agree to the terms, click 'I Agree' at the end of this page to enter this site. If you click 'I do not agree' you will not be able to access this site.
  • You (the User) acknowledge and agree to the Terms and Conditions of Access to the Site (the Terms and Conditions) and agree not to undertake any act or omission that would constitute a breach of these Terms and Conditions.
  • Access and use of this site (the Site) is conditional upon agreement to and compliance with these Terms and Conditions.
  • 1. Content and purpose
  • The Site has been created to present certain selected information, and to allow access to certain transaction documents, relating to Bank of Montreal’s (B M O) Global Registered Covered Bond Program (the Program). The Program is registered under the National Housing Act (Canada).

    B M O may incorporate any information on the Site into any prospectus or prospectus supplement with respect to any specific offering of covered bonds by referring in such prospectus or prospectus supplement to the Site.
  • 2. Access to and use of the Site
  • 2.1 Nothing in the Site shall constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. There shall be no sale of any covered bonds any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to qualification under the securities laws of such state or jurisdiction. Any products or services mentioned herein shall only be available subject to local legal and regulatory requirements.
  • 2.2 Providing access to material on the Site may be restricted by local law in jurisdictions other than Canada and the United States and failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. Persons accessing the Site should inform themselves about, and observe any such restrictions.
  • 2.3 The covered bonds offered under the program have not been approved or disapproved by canada mortgage and housing corporation (CMHC) nor has cmhc passed upon the accuracy or adequacy of any of the disclosure contained in the documents posted on the site. The covered bonds offered under the program are not insured or guaranteed by CMHC or the government of canada or any other agency thereof.
  • 2.4 Nothing in the Site constitutes an offer of securities for sale in the United States. The covered bonds may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended (the Securities Act). It is not intended that the covered bonds will be registered under the Securities Act or any U.S. state securities laws.
  • 2.5 If you are a resident of the UK or other EEA countries, before reviewing the material relating to the Program, you must acknowledge that (a) you are a person whose ordinary activities involve you in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of your business; (b) you will not offer or sell any covered bonds other than to persons: (i) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or (ii) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses; (c) if you are a person in the United Kingdom, then you are a person who (i) has professional experience in matters relating to investments or (ii) is a high net worth entity falling within Article 49(2)(a) to (d) of the Financial Services and Markets Act (Financial Promotion) Order 2005; and (d) you have complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 of the UK with respect to anything done by you in relation to any covered bonds in, from or otherwise involving the UK. The covered bonds offered under the Program are available only to persons resident in the UK having professional experience in matters relating to investments. Persons resident in the UK who do not have professional experience in matters relating to investments should not access the Site.
  • 2.6 This website is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC (the Prospectus Directive) and/or Part VI of the Financial Services and Markets Act 2000.
  • 2.7 If Covered Bonds are issued under the Program via the UK and are to be admitted to trading on a regulated market (as defined in the Prospectus Directive) a final terms document will be prepared and made available to the public in accordance with the Prospectus Directive. Users should not subscribe for any Securities issued under the Program via the UK referred to in this document except on the basis of the information contained in the final form prospectus as supplemented from time to time and any applicable final terms document.
  • 2.8 Any applicable final terms document for Covered Bonds to be admitted to trading on a regulated market, when published, will be available on the website of the Regulatory News Service operated by the London Stock Exchange at under the name of Bank of Montreal and the headline 'Publication of Prospectus'.
  • 2.9 The User will use the Site solely for its own internal use in accordance with these Terms and Conditions. The materials on the Site are intended for use by authorised Users only and may not be published, copied or distributed to any other person without obtaining the prior written consent of B M O in each specific instance.
  • 2.10 The User will not engage in any activities related to the Site that are contrary to applicable law or regulation or the terms of any agreements between the User and B M O.
  • 2.11 Unauthorised use of the Site including but not limited to unauthorised entry into B M O's or its third party data providers' systems, or misuse of any information posted to the Site, is strictly prohibited.
  • 2.12 The Site may contain other proprietary notices and copyright information, the terms of which must be observed and followed.
  • 3. Acknowledgements and disclaimers

    The User acknowledges and agrees to the following:

    (a) No duty to update or correct materials. Neither B M O nor any other party has any duty to maintain or update any materials available on the Site. Historic performance information with regard to any security is no indication of its future performance and should not be relied on when making an investment decision.

    (b) Changes to the Site. B M O or its third party data providers may remove or make changes to the materials available on the Site or discontinue the Site at any time.

    (c) B M O positions. B M O may have its own interests in relation to the issuers or any affiliates of the issuers of covered bonds or transactions mentioned on the Site.

    (d) Disclaimer of advice. The materials available on the Site have no regard to the specific investment objectives, financial situation or particular needs of any User. Except as otherwise expressly stated, the Site does not purport to provide any financial, investment, tax, accounting or legal advice or recommendation. Users should consult with their own advisors regarding an investment in any covered bonds.

    (e) Click through. Any acknowledgment, agreement or other type of click through button on the Site that is selected to evidence agreement or an acknowledgement shall have the same force and validity as a paper copy of an agreement that has been manually signed and delivered.
  • 4. Limitation of Liability
  • 4.1 The Site may contain forward-looking statements. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. By their nature, forward-looking statements require B M O to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that B M O’s assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. B M O cautions Users not to place undue reliance on its forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which B M O operates; weak, volatile or illegal capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary, fiscal or economic policy; the degree of competition in the geographic and business areas in which B M O operates; changes in laws or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance; judicial or regulatory proceedings; the accuracy and completeness of the information B M O obtains with respect to its customers and counterparties; B M O’s ability to execute its strategic plans and to complete and integrate acquisitions; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks; changes in B M O’s credit ratings; general political conditions; global capital markets activities; the possible effects on B M O’s business of war or terrorist activities; disease or illness that affects local, national or international economies; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; technological changes and B M O’s ability to anticipate and effectively manage risks associated with all of the foregoing factors. B M O cautions Users that the foregoing list is not exhaustive of all possible factors. Other factors could adversely affect B M O’s results. For more information, Users should review the discussion contained in B M O’s most recent annual report concerning the effect certain key factors could have on B M O’s actual results. When relying on forward-looking statements to make decisions with respect to B M O, investors and others (including Users) should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.
  • 4.2 No representation or warranty, express or implied, is or will be made in relation to, the accuracy and completeness of the information on this Site. B M O and its third party data providers are not responsible for any errors in or omissions from the information contained in or accessed through the Site (including all information, tools and materials contained on the Site). Except as may be otherwise expressly provided by written agreement between B M O and the User, B M O will have no tort, contract or any other liability to the User or any third party for any loss or damage arising in connection with the use of the Site, or reliance on any information or services provided at this Site.
  • 4.3 B M O will under no circumstances be liable to the User or any third party, regardless of the form of action, for any lost profits or lost opportunity, or any indirect, special, consequential, incidental or punitive damages whatsoever, even if B M O has been advised of the possibility of such damages.
  • 5. Governing Law.
  • 5.1 These Terms and Conditions will be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein.
  • 5.2 The courts of the Province of Ontario will have jurisdiction to settle any disputes which may arise in connection with these Terms and Conditions.
I acknowledge and confirm that I have read, understand and accept the above terms and conditions.

Program and offering documents