Business
Equitable Bank Completes $150 Million Deposit Note Issue
Equitable Bank Completes $150 Million Deposit Note Issue Canada NewsWire TORONTO...
About this update from Eqb Inc
[{"type":"text","content":"\n\n\n\nEquitable Bank Completes $150 Million Deposit Note Issue\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 16, 2019\n\n\n\nTORONTO, April 16, 2019 /CNW/ - Equitable Bank, a wholly owned subsidiary of Equitable Group Inc. (the \"Company\") (TSX: EQB and EQB.PR.C) today announced the closing of a successful institutional placement of a $150 million 2-year fixed rate deposit note due April 16, 2021 (the \"Deposit Note\").\n\n \n \n\n \nThe Deposit Note was priced at 160 basis points over comparable term Government of Canada bonds, which was tighter than the levels achieved on Equitable's last deposit note issuance.  Similarly, twenty-five (25) investors participated in the deal, almost twice as many as in the Company's previous deposit note issuance.  The Deposit Note ranks equally and ratably with all present and future unsecured and unsubordinated liabilities of the Company.  It is not eligible for Canada Deposit Insurance Corporation insurance.\n\"We are pleased to once again step into the deposit note market with this issue, at terms that demonstrate our strong support from the institutional investor community,\" said Tim Wilson, Chief Financial Officer of the Company. \"The terms of this deal reflect our consistently strong financial performance and risk management track record.  We are encouraged by the market's reception and hope this deal represents the beginnings of a more sustained issuance program.\"\nThe issuance was completed with CIBC World Markets and RBC Capital Markets, acting as co-leads and bookrunners, supported by the Bank of Montreal, National Bank Financial, Scotiabank, and TD Securities as co-managers.\nABOUT EQUITABLE GROUP INC.\nEquitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank.  Equitable Bank, Canada's Challenger Bank™, is the country's ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians.
...