Canada NewsWire
TORONTO, Aug. 3, 2021
TORONTO, Aug. 3, 2021 /CNW/ - Scotiabank today announced the closing of its inaugural USD 1 billion 3-year Sustainability Bond offering, in support of the Bank's commitment to making a positive impact and creating better communities for every future. Net proceeds from the Sustainability Bond offering will be used to fund the financing or refinancing, in whole or in part, eligible green and/or social assets, which refer to new or existing assets, businesses or projects that meet the Scotiabank Sustainable Bond Framework Eligibility Criteria.
This is the largest Sustainability Bond issued by a Canadian Financial or Corporate to date. A portion of the proceeds of this bond will help advance women-led businesses through The Scotiabank Women Initiative™ - a comprehensive program that supports women clients across all four business lines at Scotiabank and is dedicated to helping women take their businesses to the next level through Access to Capital, Mentorship, and Education.
"Our clients look to Scotiabank for leadership in financing sustainable business growth," said Jake Lawrence, Group Head and CEO, Global Banking and Markets at Scotiabank. "We are proud to have launched this USD 1 billion Sustainability Bond with three Diversity & Inclusion firms as active co-managers and to build on Scotiabank's commitment to drive the evolution and enhancement of social responsibility initiatives."
Scotiabank's approach to sustainability is intended to deliver economic, social and environmental value to our customers, our operations and the world around us. Following the Green Bond issuance in 2019, Scotiabank updated its framework to the Sustainable Bond Framework in order to help investors align themselves better to various environmental and climate-related issues via participation in a Sustainability Bond offering.
The Sustainable Bond Framework categories include all of those listed in the Green Bond Framework as well as the following additional social categories:
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Scotiabank launched its Sustainable Bond Framework in July 2021. 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 Green Bond Principles 2021, Social Bond Principles 2021, and the Sustainability Bond Guidelines 2021, as administered by the International Capital Market Association.
"This is a significant milestone from a funding program and diversification perspective," said Christy Bunker, SVP, Canadian Banking and Global Wealth Management Treasurer, Term Funding & Capital Management, Scotiabank. "This new Bond enables the Bank to expand our use of proceeds to include assets such as those originated through The Scotiabank Women Initiative among other social categories."
"We all have an important role to play in driving a positive impact on society while enabling sustainable development and the transition to a low-carbon economy for current and future generations," said Meigan Terry, SVP, Chief Communications and Social Impact Officer at Scotiabank. "This inaugural Sustainability Bond offering helps Scotiabank put into practice the commitment we have made to improve society and drive meaningful change for every future."
Earlier this year, the Bank launched its inaugural Net Zero Research Fund as part of its commitment to pursuing Net Zero targets and Pathways. Scotiabank has committed to establishing bank-wide, quantitative, time-bound targets for reducing greenhouse gas emissions associated with our underwriting and lending activities. To get there, Scotiabank is undertaking a quantitative analysis of the greenhouse gas intensity of the Bank's loan book and underwriting activities, research on pathways to net zero, development of plans and targets for reducing emissions, and creation of a reporting framework to ensure transparency.
In addition to today's announcement, Scotiabank continues to build on the following sustainability initiatives:
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success 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 approximately 90,000 employees and assets of approximately $1.1 trillion (as at April 30, 2021), 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.
About The Scotiabank Women Initiative
The Scotiabank Women Initiative is a comprehensive program designed to break down barriers and increase economic opportunity for women to be successful, now and in the future, by providing unbiased access to Capital & Tailored Solutions; Bespoke Specialized Education; and Holistic Advisory Services & Mentorship. A unique offering soon to be embedded across Scotiabank's footprint (International Banking to be launched later this year), The Scotiabank Women Initiative provides equal access to financing for women-owned and led-businesses within Canadian Business Banking; helps women clients pursue their best professional futures within Global Banking and Markets, and helps women take charge of their financial futures through Education, Advice, and Access to Wealth Management Services within Global Wealth Management,. For more information on The Scotiabank Women Initiative, visit scotiabankwomeninitiative.com.
SOURCE Scotiabank
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