By Marisa Wong
Los Angeles, March 9 – Equitable Group Inc. wholly owned subsidiary Equitable Bank closed a C$250 million fixed-rate deposit note due March 10, 2025, according to a news release.
The 1.939% note was priced at 120 basis points over Government of Canada bonds.
National Bank Financial Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. acted as joint leads and bookrunners.
The deposit note is Equitable’s third issuance in the past six months and brings the bank’s total amount of outstanding deposit notes to over $1 billion, according to the release.
The issuer is a Toronto-based financial services company.
| Issuer: | Equitable Bank
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| Amount: | C$250 million
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| Maturity: | March 10, 2025
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| Security: | Deposit note
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| Bookrunners: | National Bank Financial Inc., CIBC World Markets Inc., and RBC Dominion Securities Inc.
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| Co-managers: | BMO Nesbitt Burns Inc., Scotia Capital Inc., and TD Securities Inc.
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| Coupon: | 1.939%
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| Spread: | 120 bps over Government of Canada bond
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| Announcement date: | March 9
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| Distribution: | Canada
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