Scotiabank Turns to Dollar Market for Its First Green Bond

By Esteban Duarte
Jul 30, 2019 3:35 PM ET
Summary: 
  •  Sale follows report on sustainable financing from expert panel
  •  Lender’s inaugural green security is also bail-in eligible
Article

Bank of Nova Scotia is debuting in the green bond market following other Canadian rivals including Royal Bank of Canada.

The Toronto-based lender is set to price $500 million of 3.5-year senior bail-in green bonds at a yield of 58 basis points over Treasuries, at the tight end of guidance earlier offered, according to people familiar with the matter. That compares with a spread of about 63 basis points the bank’s $1.25 billion of 2024 senior bail-in bonds were quoted at on Friday, according to Trace bid prices.

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