TD Bank Group launched what may have been one of the largest green bonds ever issued by a bank with its inaugural issuance in US dollars.
After initially eyeing an issue size of US$500 million, the TD Bank Group upsized the transaction to US$1 billion, issuing 70% to the so-called green investors.
TD Bank Group Chief Environment Officer Karen Clarke-Whistler said this solidifies the bank’s position in the area of environmental investment.
The bank has been financing the low carbon sector since 2006, and has already raised $12 billion. It has also participated in underwriting over $6.5 billion in green bonds since 2010.
Additionally, the group is the only Canadian bank to have ever used a green bond and the first North American-based bank to become carbon neutral.
"Participating in the green bond market is core to TD's low carbon business strategy and the success of our second green bond highlights the unique opportunity for financial institutions," Clarke-Whistler said.
The environmental officer also stated that there is a burgeoning interest in the green bond market as investors start to see the opportunities linked with the transition to the low carbon economy.
"Through our financing activities, we can play a pivotal role in building the infrastructure needed for a prosperous low carbon economy," she added.
In green investment, it’s fight or flight