Environmental Finance's 2022 Bond Awards recognize BMO-led Sustainability and Social Bonds
The City of Toronto Social Bond is a winner. BMO Social Bond of the Year, Local Authority/Municipal Category-BMO Joint-Lead Manager World Bank The Sustainability Bond is victorious. Sustainability Bond of the Year, Supranational Category: BMO Joint-Lead Manager City of Vancouver Sustainability Bond Sustainability Bond of the Year, Local Authority/Municipal Category-BMO Joint Bookrunner.
Environmental Finance's 2022 Bond Awards recognized the City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond today 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) served as Joint-Lead Manager on the bond issuances by the City of Toronto and the World Bank, as well as 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 their initial issue in June 2020 - the first-ever Social Bond from a Canadian Government issuer - which was also led by BMO. The Social Bond is part of a program to promote positive socioeconomic outcomes, ranging from affordable housing and access to essential infrastructure and services to socioeconomic advancement and empowerment.
The World Bank Sustainability Bond is a $8 billion dual-tranche fixed-rate global sustainability bond that will be issued in April 2021. For more than 70 years, the World Bank has issued sustainable development bonds in international capital markets to fund programs and activities that have a positive impact. BMO is pleased to serve as a co-lead manager on this issuance. World Bank bonds adhere to the International Capital Market Association's Sustainability Bond Guidelines and support the financing of a mix of green and social projects, programs, and activities.
The inaugural City of Vancouver Sustainability Bond was the first issued by a Canadian government. The bond proceeds will go toward eligible projects like green buildings, the 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 Managers, we are pleased with the recognition given to the City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond by Environmental Finance,"
said Jonathan Hackett, Head, BMO Sustainable Finance.
"These transactions are leading examples of sustainable financing that we believe will serve as a catalyst for 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 in life."
BMO is a recognized leader in sustainability.
BMO has been carbon neutral in its own operations since 2010, and in March 2021 announced its Climate Ambition, pledging to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. BMO is committed to being its clients' lead partner in the transition to a net zero world and has completed green and sustainability-linked loans for companies in a variety of sectors, with targets including decarbonization, diversity and inclusion, and health and safety, since December 2019. BMO established a dedicated Energy Transition Group and the BMO Climate Institute in 2021 to support clients' pursuit of opportunities driven by the increasing momentum of the global economy's shift in energy production and consumption.
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 have all recognized BMO's leadership in sustainability.
Please see the bank's most recent Sustainability Report for more information on BMO's commitment to a sustainable future. Click here to learn more about BMO's sustainable finance. Visit BMO's Climate page to learn more about its climate goals.
Source: BMO newsroom
