Fairstone Bank Closes Largest Deposit Note Issuance to Date
Fairstone Bank of Canada has successfully closed its largest deposit note issuance to date, raising $500 million through a three-year senior deposit note offering. The transaction attracted orders of approximately $1.7 billion from 41 investors, representing over 3.4 times oversubscription.
The deal was originally launched with a minimum size of $400 million but was upsized to $500 million due to strong demand. This marks the largest deposit note issuance in Fairstone Bank's history and further strengthens its diversified funding platform.
'The success of this offering reflects the continued confidence investors have in Fairstone Bank's financial strength, strategic direction and long-term growth prospects,' said Amir Gorgi, Executive Vice President and Chief Financial Officer. 'We achieved all our key objectives: broadened our investor base, increased participating investors, upsized the transaction, priced with no new issue concession, and narrowed our pricing differential versus larger Canadian bank peers.'