DBRS rates Equitable social bonds AA

DBRS said it rated Equitable Bank’s series CBL5 social covered bonds AA. The bonds were issued under the bank’s global legislative covered bond program.

Series CBL5 for €500 million has a 3.5% coupon rate and a maturity date of May 28, 2027.

The issuance is the bank's inaugural issuance of social covered bonds, where the proceeds from social bonds are intended to be used to fund eligible sustainable projects under Equitable's sustainable bond framework.

All covered bonds sold under the program rank equally with each other and are currently rated AA by DBRS.

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