BMO-led Sustainability and Social Bonds recognized by Environmental Finance’s 2022 Bond Awards
- City of Toronto Social Bond wins Social Bond of the Year, Local Authority/Municipality category – BMO Joint-Lead Manager
- World Bank Sustainability Bond wins Sustainability Bond of the Year, Supranational category – BMO Joint-Lead Manager
- City of Vancouver Sustainability Bond wins Sustainability Bond of the Year, Local Authority/Municipality category – BMO Joint Bookrunner
TORONTO, March 31, 2022 /CNW/ – The City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond were recognized today by Environmental Finance’s 2022 Bond Awards in the categories of Social Bond of the Year – Local Authority/Municipality, Sustainability Bond of the Year – Supranational, and Sustainability Bond of the Year – Local Authority/Municipality. BMO Financial Group (BMO) acted as Joint-Lead Manager on the City of Toronto and World Bank bond issuances, and Joint Bookrunner on the City of Vancouver Sustainability Bond issuance.
The City of Toronto’s Social Bond is the city’s second Social Bond, following on their inaugural issue in June 2020 – the first-ever Social Bond from a Canadian Government issuer – which BMO also led. The Social Bond, issued under Toronto’s Social Debenture Framework, is part of a program to promote positive socioeconomic outcomes, from affordable housing and access to essential infrastructure and services, to socioeconomic advancement and empowerment.
The World Bank Sustainability Bond is an $8 billion 2-year and 7-year Dual-Tranche Fixed-Rate Global Sustainability Bond launched in April 2021. The World Bank has been issuing sustainable development bonds in the international capital markets for over 70 years to fund programs and activities that achieve a positive impact. BMO is proud to be a joint lead-manager on this issuance. World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association and support the financing of a combination of green and social projects, programs, and activities.
The inaugural City of Vancouver Sustainability Bond was the first Sustainability Bond from a Canadian governmental issuer. Proceeds of the bond are supporting eligible projects such as green buildings, renewal and upgrade of the main sewer and a fire hall, street and bridge infrastructure, an accessibility program to provide access to essential services, a climate emergency response program and a seawall maintenance program.
“As Joint-Lead Manager we’re pleased with the recognition the City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond have received from Environmental Finance,” said Jonathan Hackett, Head, BMO Sustainable Finance. “These transactions are leading examples in sustainable financing that we believe will act as a catalyst to others as they explore social and sustainability labeled financing and BMO is excited to be a leader working with our clients in this space — one that so closely aligns with our Purpose to Boldly Grow the Good, in business and life.”
BMO is a recognized sustainability leader
Carbon neutral in its own operations since 2010, BMO announced its Climate Ambition in March 2021 with a commitment to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. BMO is focused on being its clients’ lead partner in their transition to a net zero world and, since December 2019, has completed green and sustainability-linked loans for companies in a range of sectors, with targets including decarbonization, diversity & inclusion, and health and safety. To support clients’ pursuit of opportunities driven by the increasing momentum of the global economy’s shift in production and consumption of energy, in 2021 BMO established a dedicated Energy Transition Group and the BMO Climate Institute.
BMO’s leadership on sustainability has been recognized by the Wall Street Journal’s 100 Most Sustainably Managed Companies in the World, Corporate Knights’ Global 100 Most Sustainable Corporations, Dow Jones Sustainability Indices World Index, and Ethisphere Institute’s list of the World’s Most Ethical Companies.
For more information on BMO’s commitment to a sustainable future, please visit the bank’s latest Sustainability Report. To learn more about sustainable finance at BMO click here. For BMO’s climate ambition, visit its Climate page.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.02 trillion as of January 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
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SOURCE BMO Financial Group
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