Equitable Bank successfully completed its C$150 million offering of deposit notes. The notes bear interest at a fixed rate of 3.198 per cent per annum (paid semi-annually) until April 16, 2021.
CIBC World Markets and RBC Dominion Securities acted as joint lead dealers and bookrunners for the offering, with a syndicate that included BMO Nesbitt Burns, National Bank Financial, Scotia Capital and TD Securities.
The offering demonstrates strong support of Equitable Bank by the institutional investor community and represents the start of a more sustained issuance program.
Norton Rose Fulbright Canada LLP represented Equitable Bank with a team that was led by John Teolis and Heidi Reinhart, assisted by Sam Zadeh.
Fasken Martineau Dumoulin LLP represented the dealers with a team that comprised Robert W. McDowell, Richard J. Steinberg and Florind Polo.