On May 13, 2024, Fédération des caisses Desjardins du Québec announced a public offering of $1 billion in 5.279% subordinated notes, set to close on May 15, 2024. These notes qualify as Non-Viability Contingent Capital (NVCC) under Tier 2 regulatory capital and include provisions for automatic conversion to equity upon specific trigger events. Issued at par, the notes will pay fixed interest semi-annually until May 15, 2029, then transition to a floating rate based on CORRA plus 1.56%. Legal advisors included Stikeman Elliott LLP for Desjardins and Fasken Martineau DuMoulin LLP for the dealers. The syndicate of dealers consisted of Desjardins Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Casgrain & Company Limited, Laurentian Bank Securities Inc., and Manulife Wealth Inc. The issuance generated net proceeds of approximately $996.5 million after fees and expenses, designated for Desjardins’ liquidity, capital, and member service needs?.