The bank has closed a US$500m through a syndicate of underwriters that includes minority-, women- and veteran-owned business enterprises
With the environment and diversity and inclusion two of the most important focuses for businesses, TD Bank has brought the two together in a Canadian first.
The bank has closed a three-year US$500 million green bond through a syndicate led by minority-, women- and veteran-owned business enterprises (MWVBEs) as active joint bookrunners.
"TD is proud to engage an underwriting team that includes minority-, women- and veteran-owned business enterprises as Active Joint Bookrunners, fostering greater inclusion and promoting progress," said Barbara Hooper, senior EVP, Treasury, Corporate Development, Strategic Sourcing and Real Estate, TD Bank Group. "Through this model, TD is able to benefit from the diverse and vast capabilities of these firms, while building on our longstanding commitment to sustainable finance."
The MWVBE Active Joint Bookrunners included are:
- Academy Securities, Inc.
- Service-Disabled Veterans-Owned Small Business
- R. Seelaus & Co., LLC
- Women Business Enterprise
- Samuel A. Ramirez & Company, Inc.
- Minority Business Enterprise
- Siebert Williams Shank & Co., LLC
- Minority/Women Business Enterprise
Sustainable framework
As well as reflecting the firm’s commitment to diversity and inclusion, the bond is also the first to be issued under TD’s Sustainable Bonds Framework which was published in August 2020.
However, it’s not the first ESG-themed corporate bond issued by TD; three others preceded it and the latest brings its total ESG-bond issuance to approximately C$3.0 billion.
Under the bank’s framework, the proceeds from the latest issuance will be used to finance (and/or refinance) loans and investments in areas such as green buildings, clean transportation, renewable energy or other loans, investments or projects that promote its green eligible categories.
"At TD, we are committed to a more inclusive and sustainable future and excited to work with our clients and investors to support environmental and social progress through green bonds," said Norie Campbell, Group Head and General Counsel. "TD Securities is proud to be a part of Canada's first syndicate of active Diversity & Inclusion underwriters that reflects our commitment to advancing a low-carbon economy while furthering diversity in capital markets."
