Scotiabank Issues $1.25 billion Sustainability Notes

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