Equitable Bank completes annual renewal of its C$3B Global Legislative Covered Bond Programme
On June 9, 2025, Equitable Bank successfully renewed its C$3.0 billion Global Legislative Covered Bond Programme, authorizing the issuance of covered bonds and social covered bonds.
As part of the renewal, the programme was updated to include ratings from Moody’s Ratings, in addition to existing ratings from other agencies. As well, the renewal included the changing of the covered bond portfolio swap structure with Equitable Bank for the first time being the interest rate swap counterparty on the covered bond portfolio.
The covered bonds are unconditionally and irrevocably guaranteed as to payments by EQB Covered Bond (Legislative) Guarantor Limited Partnership.
McCarthy Tétrault advised EQB with a team led by Marc MacMullin that included Candace Pallone (Financial Services), Tina Benson, Tamas Toezser, Jonathan Leung, Pegah Mortazavian, Krystel Ametepeh, Meghan Zhang (Business), Jeff Oldewening, and Kathryn Walker (Tax).
