14. OTHER LIABILITIES
As at October 31 2021
As at October 31 2020
Accounts payable and accrued liabilities
$
428,885 $
352,398 175,191 94,956 86,590
Accrued interest payable
127,255 86,513 40,428
Lease liabilities (1)
Derivative collateral payable
(Note 27)
Deferred tax liabilities
8,598 4,954 4,421 3,132 8,123
9,956 3,683 5,087 9,825 9,293
(Note 21)
Deferred revenue
Allowance for committed but undrawn credit exposures and letters of credit
(Note 7)
Income taxes payable
Other
Total
$
712,309 $
746,979
(1) The discounted value of lease liabilities is presented above. Future minimum commitments related to our lease liabilities on an undiscounted basis are $13,834 for fiscal 2022, $14,023 for fiscal 2023, $13,517 for fiscal 2024, $13,313 for fiscal 2025, $8,584 for fiscal 2026, and $33,597 for fiscal 2027, and thereafter.
15. DEBT A) DEBT SECURITIES
A summary of outstanding debt related to the securitization of equipment financing leases and loans and residential mortgages by contractual maturity date follows:
As at October 31 2021
As at October 31 2020
Within 1 Year
1 to 3 Years
3 to 5 Years
Securitized leases and loans
$
571,528 $
882,411 $
302,271 $
1,756,210 $
1,528,662
Securitized residential mortgages
125,306
351,419
408,908
885,633
523,018
Total
$
696,834 $
1,233,830 $
711,179 $
2,641,843 $
2,051,680
B) NON-VIABILITY CONTINGENT CAPITAL (NVCC) SUBORDINATED DEBENTURES
Financing costs relating to the issuance of subordinated debentures are amortized over the expected life of the related subordinated debenture using the effective interest method.
The following qualify as bank debentures under the Bank Act and are subordinate in right of payment to all deposit liabilities. All redemptions are subject to the approval of OSFI.
Earliest Date Redeemable by CWB at Par
Interest
Maturity Date
Reset Spread (1)
Rate (1)
Par Value (2)
199 bp
$
Series F
3.668%
June 11, 2029
June 11, 2024
250,000
410.2 bp
Series G
4.840%
June 29, 2030
June 29, 2025
125,000
(1) The interest rate will be paid until the earliest date redeemable, after which the interest rate will reset quarterly at the reset spread basis points over the then three- month Bankers’ Acceptance rate . (2) The balance reported on the consolidated balance sheet as at October 31, 2021 includes unamortized financing costs related to the issuance of subordinated debentures of $1,778 (2020 - $2,357). bp – basis points
Upon the occurrence of a trigger event (as defined by OSFI), each subordinated debenture will be automatically converted, without the consent of the holders, into CWB common shares. Conversion to common shares will be determined by dividing the debenture conversion value (the principal amount of the debenture plus accrued but unpaid interest times a multiplier of 1.5) by the common share value (the greater of (i) the floor price of $5.00 and (ii) the current market price calculated as the volume weighted average trading price for the ten consecutive trading days ending on the day immediately prior to the date of conversion).
96 | CWB Financial Group 2021 Annual Report
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