TORONTO, July 19, 2019 /CNW/ - The Bank of Nova Scotia (BNS or the Bank) announced today the closing of its inaugural USD 500 million 3.5-year Green Bond offering (the Green Bonds), boosting its commitment to Sustainable Business and creating a better future for all.
The net proceeds from the Green Bond offering will be used to fund the financing or refinancing, in whole or in part, of eligible green assets, which refer to new or existing assets, businesses or projects that meet the Scotiabank Green Bond Framework Eligibility Criteria, including renewable energy, clean transportation and green buildings. Other areas of investment may include sustainable water and wastewater management, environmentally sustainable management of living natural resources and land use, energy efficiency, terrestrial and aquatic biodiversity conservation, and pollution prevention and control.
"This Green Bond offering marks a major milestone for Scotiabank," said Tom McGuire, Executive Vice President and Group Treasurer at Scotiabank. "It will bring more diversity to our investor base and strengthen our commitment to a sustainable future."
This Green Bond offering is a natural next step in Scotiabank's Sustainable Business strategy, which was launched in March 2018 with the goal of creating economic, social and environmental value for its customers, employees, communities and the planet, while also delivering returns for its shareholders. Other environmental achievements to date include:
BNS launched its Green Bond Framework in June 2019. The framework has received a Second-Party Opinion from Sustainalytics, a global leader in ESG and Corporate Governance research and ratings, and is in line with the four core pillars of the Green Bond Principles as administered by the International Capital Market Association.
"The global green economy is growing," said Bob Nguyen, MD & Head Corporate Fixed Income Origination, Global Banking and Markets at Scotiabank. "Scotiabank's inaugural Green Bond offering will help to meet the growing demand to fund, finance, and build sustainable assets that have positive environmental benefits while matching investors' ever-expanding appetite for green financial products."
"We all have an important role to play in protecting our environment for current and future generations, to ensure that everyone can become better off," said Meigan Terry, Senior Vice President, Global Communications, Sustainability and Social Enterprise at Scotiabank. "This inaugural Green Bond offering helps Scotiabank put into practice the commitments we have made to a sustainable future."
Financial services support economic progress, allow people to pursue ambitions and create more widespread future opportunities. Scotiabank will deliver on this through our focus on Sustainable Business. By paying careful attention to the areas where we feel we can have the biggest impact, we create economic, social and environmental value for our customers, employees, communities and our planet, while also delivering returns for our shareholders. Scotiabank's Sustainable Business strategy highlights four areas where the Bank can make the biggest difference: Trust, Climate Change, Economic Inclusion and Young People. To read more about our Sustainable Business strategy visit www.scotiabank.com/sustainability.
Scotiabank is Canada's international bank and a leading financial services provider in the Americas. We are dedicated to helping our 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 99,000 employees and assets of over $1 trillion (as at April 30, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.