Scotiabank has issued a EUR 1 billion, 5-year senior fixed rate Green Bond in the European market as part of Scotiabank’s Sustainable Issuance Framework. Sustainable Issuance Framework released on April 5, 2024. Scotiabank plans to use the net proceeds from the EUR Green Bond offering as per the Framework to finance and/or refinance new or existing Eligible Green Assets.
The EUR Green Bond is the largest green or sustainability bond offering by a Canadian financial or corporate entity. This issuance aligns with Scotiabank’s belief that financial institutions can contribute to incentivizing innovation in a world increasingly affected by climate change.
“This is Scotiabank’s fourth green or sustainability labeled benchmark bond, and the first in Europe,” stated Paul Scurfield, Global Head, Capital Markets, Global Banking and Markets at Scotiabank. “We see it as a step forward for our sustainable finance program and a testament to Scotiabank’s commitment to leading in sustainable finance across global markets.“
The bond was issued under the Framework, which replaces the Bank’s Sustainable Bond Framework released in 2021. Updates to the Framework include the expansion of instruments that can be issued to raise sustainable financing, and additional Eligible Green and Social categories to which such financing can be allocated, including: Nuclear Energy, Circular Economy, Climate Adaptation and Food Security & Sustainable Food Systems. The Framework received a Second Party Opinion from Moody’s Investors Service, which assigned a Sustainability Quality Score of SQS2 (Very Good).
In addition to the EUR Green Bond, Scotiabank released another inaugural sustainable finance product governed by the Framework. On April 8th, Scotiabank introduced its first Sustainability GIC tailored for retail and small business clients. The use-of-proceeds deposit product is a 30-month non-redeemable GIC that will be allocated, according to the Framework, to finance or refinance eligible Green and Social Assets.thScotiabank is pleased to achieve these milestones in funding program and diversification perspectives,
“” remarked Martin Weeks, Executive Vice President & Group Treasurer, Scotiabank. “This new Framework allows the Bank to use the proceeds from eligible products to support a wider range of Green and Social Assets and advance the Bank’s sustainability initiatives.At Scotiabank, we are working collaboratively with our stakeholders to develop and invest in initiatives that aim to contribute to important sustainability outcomes. By updating our Framework as we offer innovative financing products, we are striving toward a more sustainable future,“
“” Meigan Terry, SVP and Chief Sustainability, Social Impact and Communications Officer at Scotiabank, mentioned.Scotiabank has released its first EUR 1 billion, 5-year senior fixed rate Green Bond (the “EUR Green Bond”) in the European market according to Scotiabank’s Sustainable Issuance Framework published on April 5, 2024 (the…
