National Bank of Canada (NBC) announced a $750m three-year sustainable bond offering supporting businesses with green and social assets projects.

The net proceeds will finance future projects such as hydro power, social housing or daycare centres. Other investment categories include renewable energy, sustainable buildings, low-carbon transportation, affordable housing and access to basic services.

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Louis Vachon, President and CEO of NBC, said: “The recent signature of the Principle for Responsible Banking is a commitment that National Bank of Canada intends to honour once again with tangible actions.”

National Bank launched its Sustainability Bond Framework in September 2018 as the first integrated sustainable bond framework in Canada.

Jean-Sébastien Gagné, Treasurer at NBC, said: “This Sustainable Bond offering is the first by a North American bank. Not only is this offering a clear indication of the Bank’s interest in these innovative products and the scope of development capacity in Canada, but it also shows our willingness to make an impact on the way capital markets can contribute to the environmental and social good.”

Since the framework launched, the bank announced a new eco-responsible head office in Montreal. It also has the support of the Task Force on Climate-related Financial disclosures (TCFD).

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In addition, NBC gained support for the UN’s LGBTI Global Standards of Conduct for Business Tackling Discrimination against Lesbian, Gay, Bi, Trans, & Intersex People.

The sustainable bonds will bear interest at fixed rate of 2.15% per annum and will mature in October 2022.

In recent news

Earlier this month, NBC increased its stake to 100% in Cambodia-based ABA Bank adding additional investment of $63m.

NBC became a shareholder of ABA Bank in 2014 with initial interest of 10% interest. It made additional investments to bring its stake up to 42% in 2015 and to 90% in 2016. National Bank’s investment in ABA Bank now totals $320m.