TORONTO, Sept. 26,
2024 /CNW/ - Scotiabank announced today that the Bank
issued CAD $1.25 billion, five-year
Sustainability Notes ("Notes") on September
26, 2024, its first offering to the Canadian market under
Scotiabank's Sustainable Issuance Framework (the "Framework").
The Notes represent the largest sustainability note by any
financial institution or corporate in the Canadian market, and the
first from a major Canadian bank since 2021.
The Notes are the first benchmark sustainability issuance from
any major bank globally to allow for allocation of proceeds to
nuclear energy. The Notes may allocate proceeds to eligible
nuclear projects in accordance with the Framework.
"We are delighted with the response to our inaugural
Sustainability Notes, which demonstrates demand from investors, and
reflects our role as a leading provider and advisor for a diverse
range of sustainable finance opportunities," said Paul Scurfield, Global Head, Capital Markets,
Global Banking and Markets at Scotiabank.
The Notes are the sixth green or sustainability-labeled bond
issuance by Scotiabank. The majority of the Notes' net proceeds are
allocated to Eligible Green Assets with the remainder allocated to
Eligible Social Assets (as defined in the Framework).
In September 2024, Scotiabank
Inverlat issued the first Mexican peso-denominated Green Bond in
the market, for MXN 4.325 billion, and in April 2024, Scotiabank issued a record EUR €1
billion Green Bond. These instruments have been issued
pursuant to the Framework, which received a Second Party Opinion
from Moody's Investors Services assigning a Sustainability Score of
SQS2 (Very Good).
"We are proud to grow our sustainable funding program. The
proceeds from eligible products can support a broader range of
Green and Social Assets and the Bank in its sustainability
initiatives," said Martin Weeks, Executive Vice President
& Group Treasurer, Scotiabank.
Since 2019, Scotiabank has issued a total of $5.7 billion to finance or refinance, in whole or
in part, new or existing Eligible Green and Social Assets (Canadian
Dollar Equivalent, as per the framework applicable for each of
those respective issuances).
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, 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 assets of approximately $1.4 trillion (as at July
31, 2024), Scotiabank trades on the Toronto Stock Exchange
(TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more
information, please visit http://www.scotiabank.com and
follow us on X @Scotiabank.
SOURCE Scotiabank