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Canada's Scotiabank unveils USD-500m green bond sale

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

July 17 (Renewables Now) - The Bank of Nova Scotia (TSE:BNS), better known as Scotiabank, on Monday initiated a sale of USD 500 million (EUR 445.9m) worth of senior green bonds, its first issue of such financial instruments.

According to a filing with the Securities and Exchange Commission (SEC), the Canadian lender is selling bail-in green bonds with an annual coupon of 2.375% that will mature on January 18, 2023. The expected net proceeds from the offering are estimated at USD 498.5 million, which the bank will use to finance or refinance new or existing assets, businesses and projects in line with its green bond framework. Projects eligible for the programme include renewables, energy efficiency, clean transportation and pollution control, among others.

The settlement date for the transaction is set for July 18, 2019.

BNP Paribas Securities Corp, ING Financial Merkets Inc, Scotia Capital (USA) Inc and JP Morgan Securities are underwriting the deal, which Scotiabank unveiled a few months after rival Royal Bank of Canada (TSE:RY) debuted on the green bond market with a EUR-500-million placement.

(USD 1.0 = EUR 0.892)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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