MONTREAL, Oct. 2, 2019 – National Bank of Canada (“National Bank”) today announced its inaugural USD 750 million 3-year Sustainable Bond offering. The net proceeds will be used to finance and/or refinance, in whole or in part, future or existing eligible businesses and projects in green and social assets, such as hydro power, social housing or daycare centers. Other eligible investment categories may include renewable energy, sustainable buildings, low-carbon transportation, affordable housing and access to basic or essential services. This offering reinforces National Bank’s commitment to financing environmental and social projects, and its goal of having a positive impact on people’s lives.
“The recent signature of the Principle for Responsible Banking is a commitment that National Bank of Canada intends to honour once again with tangible actions,” said Louis Vachon, President and CEO of National Bank.
“This Sustainable Bond offering is the first by a North American bank. Not only is this offering a clear indication of the Bank’s interest in these innovative products and the scope of development capacity in Canada, but it also shows our willingness to make an impact on the way capital markets can contribute to the environmental and social good,” said Jean-Sébastien Gagné, Treasurer at National Bank.
National Bank launched its Sustainability Bond Framework in September 2018 as the first integrated sustainable bond framework in Canada. It is in line with the ICMA Green Bond Principles and Social Bond Principles, and was reviewed by Vigeo Eiris, a leading independent global ESG research, ratings and assessment firm.
This Sustainable Bond offering enhances National Bank’s commitment in the social responsibility space, as evidenced by the key achievements the Bank recently announced: