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Toronto-based Equitable Bank intends to launch covered bond program

Toronto-based Equitable Bank intends to launch a covered bond program as early as 2020, subject to regulatory approval and market conditions.

In a news release, Equitable Bank President and CEO Andrew Moor said that covered bonds can potentially lower the bank's funding costs and be a "meaningful" source of additional funding diversification.

Equitable Group Inc. has selected Barclays Bank PLC and TD Securities to help its subsidiary Equitable Bank with developing the covered bond funding program.