Equitable Bank completes second covered bond issue in Europe
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The 3 year old
“All costs included, the covered bonds remain the lowest wholesale funding cost available to the Bank by a significant margin and we are very pleased with this second issuance.” said Chadwick Westlake, Chief Financial Officer of the Bank. “The offering is the second in a series of planned offerings, particularly in the context of the Bank’s recent announcement to acquire a majority stake in
In the United Kingdom, this announcement is being distributed to and is directed only to persons who: (A) (i) are “investment professionals” as referred to in section 19(5) of the Services Act and the Financial Markets (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling under section 49(2)(a) to (d) of the Order or (iii) are other persons to whom they may otherwise lawfully be communicated; and (B) are “accredited investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129, as it forms part of the domestic law of the United Kingdom under the
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Statements made in this press release, in other documents filed with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). These statements include, but are not limited to, statements about the Company’s objectives, strategies and initiatives, expectations regarding financial results and risk management, statements about or containing future bond issues statements made by our Chief Financial Officer and any other statements made herein, whether relating to the business of the Company or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking words such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “expected “, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions which indicate that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “would occur” or “would be carried out”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company are materially different from those expressed or implied by such forward-looking statements. forward-looking statements, including, but not limited to, risks relating to financial markets and additional financing needs, fluctuations in interest rates and general economic conditions, legislative and regulatory developments, the nature of our customers and default rates, and competition and the factors discussed under “Risk Management” in the MD&A and in the Company’s filings on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including its knowledge of current credit, interest rate and liquidity affecting the Company and the Canadian economy. Although the Company believes that the assumptions used in making such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain important assumptions are applied by the Company in making forward-looking statements, including, without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued market acceptance of its products, as well as no material changes in its operating cost structure and current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements contained herein except in accordance with applicable securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any province, state or jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of that province, state or jurisdiction.
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