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Equitable Bank Successfully Completes Record $400 million Deposit Note Offering, Bolstered by Continued Strength of its Growth Strategy
Equitable Bank Successfully Completes Record $400 million Deposit Note Offering, Bolstere...
About this update from Eqb Inc
[{"type":"text","content":"\n \n \n \n Equitable Bank Successfully Completes Record $400 million Deposit Note Offering, Bolstered by Continued Strength of its Growth Strategy\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 9, 2021\n \n /CNW/ - Equitable Bank (the \"Bank\" or \"Equitable\"), a wholly owned subsidiary of Equitable Group Inc. (the \"Company\") (TSX: EQB) (TSX: EQB.PR.C) today announced the closing of a successful institutional placement of a\n \n $400 million\n \n 2.5-year fixed rate deposit note.\n \n \n \n \n \n \n \n \n \n The deposit note, which was offered at 1.983% fixed rate, and which is due\n \n May 9, 2024\n \n , priced at 93 basis points over comparable term Government of\n \n Canada\n \n bonds, which was at the tighter end of the initial spread expectation. This latest transaction was the Bank's largest single deposit note transaction, bringing 2021 year to date deposit note funding to\n \n $800 million\n \n , a record for Equitable.\n \n \n The offering was broadly supported, including several new investors, and was approximately three times oversubscribed. Equitable's program now boasts\n \n $1.45 billion\n \n of outstanding deposit notes.\n \n \n \"Following on the heels of another strong quarter, we are pleased to be able to step back into the deposit note market, this time with our largest-ever issuance.\" said\n \n Chadwick Westlake\n \n , Equitable's Chief Financial Officer. \"As our funding diversification strategy matures, we are seeing a corresponding growth in market and investor confidence in\n \n Canada's\n \n Challenger Bank. This latest deposit note is our largest and best-priced issuance to date, attracting the most investors. The strength of our 2021 program brings great confidence for the year ahead.\"\n \n \n The issuance was completed with BMO Nesbitt Burns, National Bank Financial Inc. and Scotia Capital Inc. acting as joint leads and bookrunners, supported by CIBC World Markets Inc., RBC Dominion Securities, and TD Securities acting as co-managers.\n \n \n The deposit not...