Responsible Business

Government of Canada selects TD Securities for first-ever issuance of Green Bonds

June 14, 2021 - 2 minutes
A Canadian flag waves in the forefront of a mountain landscape
TORONTO, June 14, 2021 /CNW/ - The Toronto-Dominion Bank ("TD") (TSX: TD) (NYSE: TD) has been selected by the Government of Canada's Department of Finance as one of its two structuring advisors for its inaugural issuance of green bonds.

TD Securities was selected to advise on the design of Canada's green bond framework, assist in the development of the on-going program, and support an inaugural issuance in the coming year.

"As Canada advances its climate and sustainability goals, the development of a green bond program represents a significant milestone in this journey," says Bob Dorrance, Chairman, CEO and President, TD Securities. "We're well-positioned to provide trusted advice and support to our clients, like the Government of Canada, as they access financial markets and work towards achieving their sustainability objectives."

TD was the first North American bank to become carbon neutral in 2010 and in 2020, became the first Canadian bank to target net-zero GHG emissions associated with its operating and financing activities by 2050. TD has also contributed over $56 billion of our $100 billion low-carbon economy target through our low-carbon lending, financing, asset management and internal corporate programs in the last four years.

To support clients around the world transition to a low-carbon economy, TD Securities created the Sustainable Finance and Corporate Transitions Group.

"Green and sustainable bonds are one way of increasing the flow of capital to low-carbon and socially responsible projects needed for a prosperous economy. We are proud to work with the Government of Canada on this important initiative," says Amy West, Managing Director, Global Head of Sustainable Finance and Corporate Transitions, TD Securities.

For the seventh consecutive year, TD was listed on the Dow Jones Sustainability World Index and was the only North American bank included in the 2020 ranking – a further testament to our leadership incorporating ESG practices into our business. TD is a proud member of the Green Bond Principles (GBP), the Social Bond Principles (SBP), the Sustainability Bond Guidelines (SBG), the Sustainability-Linked Bond Principles (SLBP) referred to as the 'Principles' and is an active participant in a number of International Capital Market Association (ICMA) working groups.

Flexibility needs to be the new normal

  • TD issued a US$500 million sustainability bond which was upsized from US$300 million and was the first-ever sustainability bond in SOFR format. (2020)
  • TD issued a US$1 billion green bond that was upsized from US$500 million. (2017)
  • First Canadian company to join the CDP Supply Chain Program (2016)
  • First Canadian company to join RE100, committing to 100% renewable energy (2016)
  • First Canadian commercial bank to issue a C$500 million green bond. (2014)
  • TD has been underwriting World Bank Climate Bonds since 2009, and in 2010 became the first North American-based carbon neutral bank.
  • Participated in underwriting over C$35 billion in green bonds (since 2010)
  • First North American-based bank to become carbon neutral (2010)
  • Only Canadian bank listed on the DJSI World Index of most sustainable companies (2014, 2015, 2016, 2017, 2020)
The TD Securities Government Finance Group has been consistently ranked a top 2 dealer for domestic and global markets issuance for Canadian public sector debt issuers and recognized among the top underwriters of Canadian Government Debt by Bloomberg's annual league tables over the last 10 years. A leader in the Canadian sustainable finance space, they are also rated Most Helpful Trader in Canadian Provincials in Greenwich's 2020 Most Helpful Traders and Analysts – Canada listing.

As part of the Federal Government's announcement, HSBC was also named as a structuring advisor. As announced by the Federal Government on June 11, appointing structuring advisors is in line with other national governments that have issued green bonds, and is the first of multiple milestones of the Federal Government in advance of issuing Canada's inaugural green bond in 2021-22.

Learn more about our sustainability initiatives and our Sustainable Finance & Corporate Transitions team

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