/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/.
TORONTO, Oct. 5, 2022 /PRNewswire/ – Equitable Bank (the “Bank” or “Equitable”) is pleased to announce that it has completed an offering of €250 million of legislative covered bonds due October 6, 2025 (the “Covered Bonds”). The bonds were issued under the Bank’s $2.0 billion Global Legislative Covered Bond Programme.
The 3-year €250 million Covered Bonds are rated AA by Fitch and DBRS and were issued at a spread of 37 basis points over the Euro mid-swap rate. The bonds are listed on the Irish Stock Exchange (Euronext Dublin). This offering is the Bank’s third issuance since CMHC approved the creation of Equitable’s Covered Bond Programme in July 2021 and brings total issuance for 2022 to €550 million, well ahead of the initial goal for the year.
“Inclusive of all costs, covered bonds remain the lowest cost of wholesale funding available to the Bank by a significant margin. We are very pleased with this oversubscribed third issuance, which attracted seven new investors as a result of Equitable’s successful investor marketing efforts in Europe.” said Chadwick WestlakeChief Financial Officer of the Bank. “Equitable’s previously announced acquisition of Concentra Bankwhich is expected to be completed in Q4 as announced last weekwill further expand the Bank’s capacity to leverage this strategically important funding channel going forward,” Westlake said.
In the United Kingdomthis 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 …
