Equitable Bank closes $350 million deposit note issuance

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[{"type":"text","content":"\n\n\n\n Equitable Bank closes $350 million deposit note issuance\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Issuance represents largest in over three years, indicating growing investor interest in trajectory of\n \n Canada's\n \n Challenger Bank\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n May 5, 2025\n \n\n /CNW/ - Equitable Bank,\n \n Canada's\n \n Challenger Bank™, announces it has closed a\n \n $350 million\n \n fixed rate deposit note that represents the bank's second largest on record, bringing its total program to\n \n $2.15 billion\n \n of outstanding deposit notes.\n \n\n\n\n\n\n\n\n\n The three-year\n \n $350 million\n \n deposit note was offered at a 3.738% fixed rate and matures on\n \n May 5, 2028\n \n . The transaction, successfully priced at the tight end of target spread guidance at 118 bps above the Government of\n \n Canada\n \n curve, enjoyed an oversubscribed order book of 2.5x times with support from both existing and new investors. Additionally, order book strength allowed the bank to upsize the initial offering to the top end of its announced range of\n \n $350 million\n \n .\n \n\n \"This latest issuance is a clear signal that investors remain confident in our strategy, performance and vision for the future of Canadian banking,\" said\n \n Andrew Moor\n \n , president and CEO, Equitable Bank. \"This strong reception reinforces the momentum we're carrying into the year ahead as we continue to scale with discipline and deliver long-term value.\"\n \n\n The issuance was completed with National Bank Financial Markets, RBC Capital Markets, Scotiabank and TD Securities acting as joint leads and bookrunners, with BMO Capital Markets and CIBC Capital Markets supporting as co-managers.\n \n\n The deposit notes rank equally and rateably with all of Equitable Bank's present and future unsecured and unsubordinated liabilities, and deposit notes are not eligible for Canada Deposit Insurance Corporation insurance.\n \n\n\n\n\n About Equitable Bank\n \n\n\n Equitable Bank has a clear missio...

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