Client Work

Equitable Bank successfully completes $500 million Fixed Rate Deposit Note Offering

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Overview

Client

Scotia Capital Inc.

On December 17, 2024, Equitable Bank announced the successful completion of a $500 million fixed rate deposit note offering. The issuance was completed with Scotia Capital, BMO Nesbitt Burns, CIBC World Markets and RBC Dominion Securities acting as joint leads and bookrunners, with National Bank Financial and TD Securities supporting as co-managers.

Deposit notes were issued in  two tranches: a re-opening of existing bonds maturing on September 24, 2026, adding $175 million at a 3.832% re-open yield, and a new $325 million deposit note offered at a 3.910% fixed rate coupon maturing on December 17, 2027.

Fasken advised the dealers with a team comprised of Richard J. Steinberg, Fatima Husnain, and Hannah Im (Articling Student).

 

Jurisdiction

  • Ontario

Team

  • Richard J. Steinberg, Partner | M&A, Mining, Toronto, ON, +1 416 865 5443, rsteinberg@fasken.com
  • Fatima Husnain, Associate | Corporate/Commercial, Toronto, ON, +1 416 865 5149, fhusnain@fasken.com
  • Hannah Im, Articling Student, Toronto, ON, +1 416 865 5439, him@fasken.com
Richard J. Steinberg, Partner | M&A, Mining Richard J. Steinberg Partner | M&A, Mining Toronto, ON +1 416 865 5443
Fatima Husnain Toronto Student Fatima Husnain Associate | Corporate/Commercial Toronto, ON +1 416 865 5149
Hannah Im Toronto Student Hannah Im Articling Student Toronto, ON +1 416 865 5439