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Vancouver issues first sustainability bond by any Canadian government entity

DCN-JOC News Services
Vancouver issues first sustainability bond by any Canadian government entity
CITY OF VANCOUVER — Vancouver recently made history by issuing Canada's first sustainability bond.

VANCOUVER — Vancouver has made history by issuing the country’s first sustainability bond offering of $100 million to fund environmentally and socially sustainable initiatives and projects.

It marks the first time a sustainability bond has been issued by any Canadian government entity.

City officials stated the bond was very well received by the investment community with demand of approximately four times the issuance size.

Under the city’s Sustainability Bond Framework, net proceeds are used to finance council-approved capital projects that support its commitment to positive environmental goals, social responsibility and economic development.

Projects approved under the city’s current capital plan and eligible for funding under the sustainability bond include Fire Hall 12 seismic upgrades and the renewal of Sunset Service Yard. The bond pays a 2.3 per cent coupon interest rate and matures on Nov. 5, 2031.

“Social, economic and environmental sustainability are long-term values that are championed through a wide range of city strategies and initiatives,” said Patrice Impey, chief financial officer, in a press release. “Sustainability bonds offer an investment tool that will support the city’s efforts to build sustainable infrastructure for many generations to come.”

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