Underwriting team aims to promote greater diversity and inclusion in capital markets
The Toronto-Dominion Bank (“TD” or the “Bank”) closed a three-year US$500 million green bond offering through a syndicate of underwriters that includes minority-, women- and veteran-owned business enterprises (MWVBEs). This is the first time that a Canadian bank bond offering has been led by a syndicate group that included MWVBEs as Active Joint Bookrunners, reflecting TD’s strong commitment to diversity and inclusion.
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The transaction marks TD’s first green bond issuance under its Sustainable Bonds Framework (the “Framework”) (published in August 2020) and fourth environmental, social, and governance (ESG)-themed corporate bond issuance overall – bringing its total ESG-bond issuance to approximately C$3.0 billion. The proceeds from this issuance will be used to finance and/or refinance, in part or in whole, loans, investments and projects that meet the Framework’s criteria, which may include green buildings, clean transportation, renewable energy or other loans, investments or projects that promote the green eligible categories described in the Bank’s Framework.
“TD is proud to engage an underwriting team that includes minority-, women- and veteran-owned business enterprises as Active Joint Bookrunners, fostering greater inclusion and promoting progress,” said Barbara Hooper, Senior Executive Vice President, Treasury, Corporate Development, Strategic Sourcing and Real Estate, TD Bank Group. “Through this model, TD is able to benefit from the diverse and vast capabilities of these firms, while building on our longstanding commitment to sustainable finance.”
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This issuance and the composition of the syndicate reflects TD’s commitment to proactively embed ESG principles across its business. This new bond aligns with the Bank’s commitment to support the transition to the low-carbon economy and contributes to furthering the Bank’s Climate Action Plan, with an ambitious goal to achieve net-zero greenhouse gas emissions by 2050 across its operations and financing activities.
“At TD, we are committed to a more inclusive and sustainable future and excited to work with our clients and investors to support environmental and social progress through green bonds,” said Norie Campbell, Group Head and General Counsel. “TD Securities is proud to be a part of Canada’s first syndicate of active Diversity & Inclusion underwriters that reflects our commitment to advancing a low-carbon economy while furthering diversity in capital markets.”
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