EQB closes $300-million deposit note issuance

Mr. David Wilkes reports EQUITABLE BANK SUCCESSFULLY CLOSES $300 MILLION DEPOSIT NOTE ISSUANCE EQB Inc.'s Equitable Bank has closed a $300-million floating rate deposit note issuance that represents the bank's tightest spread on record for deposit notes of a comparable term. The issuance, 2.0 times oversubscribed, reflects strong investor confidence in the bank's financial resilience, long-term growth prospects and unique Challenger mission. The two-year $300-million deposit note was issued with the coupon of CORRA plus 90 bps, with the maturity date of Aug. 3, 2027. The transaction saw a final order book of $605.6-million and resulted in favourable repricing of the bank's secondary curve. Order book strength allowed the bank to upsize the offering from the launch size of $200-million. "Investor response to this issuance shows their deep confidence in our strong foundation, the calibre of our leadership and the significant growth potential ahead of us," said David Wilkes, vice-president and head of finance at Equitable Bank. "This issuance provides a competitively priced source of funding that strengthens our ability to innovate and reshape banking for the better for all Canadians, while creating lasting, meaningful value for our investors." The issuance was completed with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets and Scotiabank acting as joint leads and bookrunners, with RBC Capital Markets and TD Securities supporting as co-managers. The deposit notes rank equally and rateably with all of Equitable Bank's present and future unsecured and unsubordinated liabilities, and deposit notes are not eligible for Canada Deposit Insurance Corp. insurance. About Equitable Bank Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank and seventh-largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 742,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB, a leading digital financial services company with $134-billion in combined assets under management and administration (as at April 30, 2025). Through its digital EQ Bank platform, its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021. We seek Safe Harbor.