Equitable Bank (the “Bank” or “Equitable”), Canada’s Challenger Bank, is pleased to announce that it has completed its latest offering of €500 million (CAD $789 million) of covered bonds (the “bonds”). The bonds were issued under the Bank’s CAD $3.0 billion Global Legislative Covered Bond Programme (the “program”) and represent Equitable’s sixth covered bond issuance since the launch of the program in 2021.
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“We are pleased to see continued investor support for Equitable Bank’s covered bond program. This program is a key part of our broader funding diversification strategy, enabling us to execute on our mission to drive change in Canadian banking to enrich people’s lives,” said Andrew Moor, president and CEO, Equitable Bank.
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The €500 million 2.375% coupon covered bonds were priced to yield 2.52% and will mature on September 28, 2028. The bonds are rated Aa1 by Moody’s and AA+ with a positive outlook by Fitch. Inclusive of all costs, covered bonds are the most cost-effective wholesale funding available to the Bank.
The issuance was completed with Barclays Bank, Commerzbank, DZ BANK, Erste Group Bank, Landesbank Baden-Württemberg, Scotiabank and TD Bank acting as joint lead managers.
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In the United Kingdom, this announcement is being distributed only to, and is directed only at, persons who: (A) (i) are “investment professionals” specified in Article 19(5) of the Financial Services and Markets Act (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order or (iii) are other persons to whom it may otherwise lawfully be communicated; and (B) are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (all such persons together being referred to as “Relevant Persons”). In the European Economic Area (the “EEA”), this announcement is addressed only to and directed only at, persons in member states who are “qualified investors” within the meaning of Article 2(e) of Regulation ((EU) 2017/1129 (“Qualified Investors”). This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any member state of the EEA, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to: (i) in the United Kingdom, Relevant Persons; and (ii) in any member state of the EEA, Qualified Investors, and will be engaged in only with such persons.
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Source – prnewswire
