03/31/2021 | Press release | Distributed by Public on 03/31/2021 16:42
TORONTO, March 31, 2021/CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) was one of several organizations recognized today by Environmental Finance's 2021 Bond Awards in the category of Lead Manager of the Year, Social Bonds - Local Authority/Municipality category.
BMO was recognized for its work on the inaugural Social Bond issued under the new City of Toronto Social Debenture Framework in June 2020-- the first-ever Social Bond from a Canadian Government issuer. According to data from the International Capital Market Association (ICMA), the City of Torontowas only the third local government globally to issue a Social Bond in accordance with the ICMA Social Bond Principles.
The City of Toronto Social Bond, issued under Toronto'sSocial Debenture Framework, is part of a program to promote positive socioeconomic outcomes, from affordable housing and access to essential infrastructure and services, to socioeconomic advancement and empowerment.
'We're pleased about the recognition the City of Toronto Social Bond has received from Environmental Finance,' said Jonathan Hackett, Head, BMO Sustainable Finance. 'Government Social Bond issuances are an emerging and increasingly important area of sustainable financing and BMO is excited to be a leader in this growing space -- one that so closely aligns with our Purpose to grow the good.'
'The pandemic has put pre-existing systemic socio-economic inequalities and poverty into the spotlight. We need to address these issues at the forefront of our thinking,' said Heather Taylor, Chief Financial Officer and Treasurer, City of Toronto. 'The City of Toronto's$100 millionsocial bond proceeds have helped fund critical strategic initiatives that include shelters and affordable housing.'
The $100 millionbond issue, with a 10-year maturity, will mature on December 2, 2030. Investors paid a price of $99.98to yield 1.602 per cent, which is the lowest borrowing cost the City of Torontohas ever secured. The proceeds from this issuance will be used to help fund Shelter, Support and Housing Administration's George Street Revitalization and 1,000 New Shelter Beds projects. More information about the City's Social Debenture Program is available on the City's website.
BMO continues to make significant progress on its Purpose to double the good for a sustainable future:
BMO's leadership on sustainability has been recognized on numerous rankings:
For more information on BMO's commitment to a sustainable future, please visit the bank's Sustainability Report. For BMO's climate ambition, visit our Climate page.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group