News Release
November 28, 2022

The City of Toronto has issued a new green bond for $300 million to help finance key capital climate action projects. This is the City’s fifth debenture issuance this year, with a low all-in cost of 4.472 per cent.

This green bond issue, with a 20-year maturity and a coupon interest rate of 4.40 per cent, will mature on December 14, 2042. It was issued on November 28 and will settle on December 14. This issue marks the fifth time the City has issued a green bond since its initial green bond offering in 2018.

This green bond issue will help fund transformative climate action. The proceeds will be used to fund approved Transportation Services, TTC and Waterfront Revitalization capital projects to address climate change. Projects such as cycling infrastructure, subway and streetcar electric rail infrastructure and Port Lands flood protection will be funded in part by the issuance of this green bond.

This issuance has a total of 34 investors from Canada and the United States and was more than 2.1 times oversubscribed. Investor confidence in the City’s pandemic response and Toronto’s economic recovery remains strong, sustaining demand for municipal bonds.

Toronto has one of the largest municipal borrowing programs in Canada. It is a regular issuer in the public Canadian debt market, with several sinking fund debentures each year. Debenture issues are initially distributed and traded by Canadian investment dealers. Retail investors interested in investing in the City’s debentures can contact their financial institutions.

The City maintains an AA credit rating by DBRS Morningstar, an AA credit rating by S&P Global Ratings and an Aa1 credit rating by Moody’s Investors Services. These ratings reflect the City’s prudent financial management throughout the pandemic, strong financial support secured from other orders of government and a deep and diversified economy.

More information about the City’s debenture programs is available on the City’s Investor Relations webpage.


“We continue our leadership in sustainable economics – it is simply the right thing to do and the smart thing to do with the public dollars that we are spending. The City’s successful green bond program offers sound investment opportunities while funding our sustained climate action.”
– Mayor John Tory

“Our green bonds are so strong that we continue to attract investors in an increasingly volatile market. This month’s issue was well received, demonstrating investor confidence in both Toronto’s economy and the City’s responsible fiscal management throughout this pandemic.”
– Councillor Gary Crawford (Scarborough Southwest), Budget Committee Chair

Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.

Media Relations