Completes Record $400 million Deposit Note Offering TORONTO, Nov. 9, 2021 /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 $400 million 2.5-year fixed rate deposit note.
The deposit note, which was offered at 1.983% fixed rate, and which is due May 9, 2024, priced at 93 basis points over comparable term Government of Canada 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 $800 million, a record for Equitable.