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Money Canada Pension Sells $1.2 Billion Green Bond in Global First

13:06  14 june  2018
13:06  14 june  2018 Source:   msn.com

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(Bloomberg) -- Canada Pension Plan Investment Board plans to issue green bonds in Canadian dollars for the first time, joining a growing list of borrowers selling the debt to finance environmentally friendly investments.

Canada Pension Plan Investment Board plans to issue green bonds in Canadian dollars for the first time, joining a growing list of borrowers selling the debt to finance environmentally friendly investments.

Solar panels stand at the SoftBank Takasago Solar Park, operated by SoftBank Corp.\'s unit SB Energy Corp., in Takasago City, Hyogo Prefecture, Japan, on Tuesday, Feb. 18, 2014.: Canada Pension Plan Offers Country's Largest Green Bond in Debut© Photographer: Yuzuru Yoshikawa/Bloomberg Canada Pension Plan Offers Country's Largest Green Bond in Debut

Canada Pension Plan Investment Board went green with a bang.

The pension fund, which boasts the highest credit score at the three largest rating firms, priced C$1.5 billion ($1.15 billion) of green bonds Wednesday in what it called the first green bond sold by a pension fund globally. It was also a record size for a single green bond transaction in Canada, according to Bloomberg data.

The 10-year bonds, sold via its unit CPPIB Capital Inc., were sold at a spread of 71 basis points over similar-maturity federal government bonds and offer a 3 percent coupon. They attracted 79 buyers with demand at C$2.7 billion, according to a CPPIB statement. The sale was led by CIBC World Markets Inc. and RBC Dominion Securities Inc.

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Canada Pension Plan Investment Board plans to issue green bonds in Canadian dollars for the first time, joining a growing list of borrowers selling the debt to finance environmentally friendly investments.

Inaugural issue a first among public pension funds. TORONTO, June 11, 2018 ( GLOBE NEWSWIRE) -- Canada Pension Plan Investment Board (CPPIB) announced today plans to issue its inaugural Green Bond , becoming the first pension fund to do so.

“I like the AAA and the spread is attractive given the credit support,” said Mark Carpani, who helps manage C$1.2 billion as head of fixed income at Toronto-based Ridgewood Capital Asset Management and bought the CPPIB green bonds. “CPPIB will put proceeds to good use so I’m fine supporting this.”

CPPIB’s new debt dethrones Ontario’s securities due 2025 as the country’s largest green bond in Canadian dollars. The province’s outstanding securities due 2023 stand at C$1.55 billion, yet that total was split between two offerings; an initial C$750 million was sold in January 2016, followed by a C$800 million add-on of the same notes a year later.

Canada’s green bond issuance has recently been dominated by provincial governments, but an increasing number of other issuers such as insurers and municipalities have been making forays into the market lately too.

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in financing green initiatives, such as renewable energy, Canada (EDC) issued its first green . its bond proceeds for transit projects and. Barriers to Investing. infrastructure. In 2013, more than billion in. Many Canadian pension plans consider the transition to a.

The Canada Pension Plan Investment Board (CPPIB), a public pension fund, has announced its foray into green bonds . This would make CPPIB the first pension fund to issue green bonds , according Recently, Bank of America announced a .25 billion green bond to support clean energy projects.

In November, Manulife Financial Corp. became the world’s first life insurer to sell green bonds when it priced securities in Singapore dollars. The company followed that transaction in May with the first corporate green bond in Canadian dollars since 2015. The city of Ottawa sold green bonds in November, while Toronto seeks to follow suit in the second half of this year.

CPPIB’s green-bond framework allows for investments in wind and solar energy, sustainable water and wastewater management, as well as green buildings. It plans to invest more than C$3 billion in renewable energy as it prepares for an expected global transition to a lower-carbon economy.

CPPIB invests on behalf of the C$356.1 billion Canada Pension Plan. It started issuing debt in 2015, selling bonds in both Canadian and U.S. dollars and the euro since.

(Adds investor comment, information on the bond which is now priced.)

To contact the reporter on this story: Maciej Onoszko in Toronto at monoszko@bloomberg.net

To contact the editors responsible for this story: Christopher DeReza at cdereza1@bloomberg.net, Allan Lopez

©2018 Bloomberg L.P.

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