Vancity Raises US$232 Million (C$325 Million) in Inaugural Senior Deposit Notes Offering

Vancity Credit Union has successfully completed its inaugural US$232 Million (C$325 Million) offering of senior deposit notes due in 2029, marking its first entry into the long-term debt capital markets and a significant milestone in its funding strategy. The issuance attracted strong institutional demand, raising capital from 31 investors and achieving an order book of approximately US$1 Billion (C$1.5 billion), making the offering five times oversubscribed.

The senior unsecured notes rank pari passu with Vancity's other unsecured and unsubordinated debt and follow the successful reactivation of the credit union's short-term commercial paper programme.

As Canada's largest credit union, with approximately US$29 billion (C$41 billion) in assets and assets under administration, Vancity's successful market debut strengthen its long-term funding base and supports its continued growth and lending activities.

Advisory Team

MCCARTHY TETRAULT

Pavan Jawanda

Thomas Fung

Liam Peet-Pare

Lauren Tse

Emma Good