David Seville expects new social impact and sustainability bonds in coming year

Partner David Seville contributed to a Financial Post article on Canada’s growing number of gender and green bonds, saying the past year’s activity suggests “the universe of potential issuers is expanding.”

This past year was a “watershed moment” for green, social and sustainable bonds in Canada, jumping from $1.9 billion issued in 2017 to $9 billion in 2018. The articles says this was marked by a number of noteworthy firsts, such as the Ontario Power Generation issue of a 30-year, $450 million green bond, attracting more than 50 investors.

Likewise, David mentioned CIBC’s Women in Leadership Bond, which kicks off with a $1 billion issue of three-year deposit notes and promotes female representation on boards and executive positions.

“It could inspire new social impact or sustainability bond offerings in the coming year,” David said.

He also mentioned the potential for green bond activity to grow the number of potential issuers leveraging “earlier trailblazing efforts by Canadian governments and financial institutions.”

For more updates on issuer activity, see our capital markets page.