On December 17, 2024, Equitable Bank closed a $500 million fixed rate deposit note offering, its largest single issuance of the year, culminating a record $1.3 billion in total deposit note issuance for fiscal 2024. The offering was divided into two tranches: a $175 million re-opening of existing bonds maturing September 24, 2026, at a 3.832% re-open yield, and a new $325 million issuance maturing December 17, 2027, with a 3.910% fixed coupon. Both tranches were nearly three times oversubscribed, achieving a final order book of $1.4 billion and record low credit spreads — 82 bps and 100 bps over the Canada benchmark and Government of Canada curve, respectively.

Scotia Capital, BMO Nesbitt Burns, CIBC World Markets, and RBC Dominion Securities acted as joint leads and bookrunners, with National Bank Financial and TD Securities as co-managers. The deposit notes rank equally with Equitable Bank’s unsecured and unsubordinated liabilities and are not covered by Canada Deposit Insurance Corporation insurance.

CFO Chadwick Westlake highlighted that this issuance validates Equitable Bank’s strategic direction and its growing appeal in the Canadian banking landscape.