News Release
November 12, 2021

The City of Toronto has issued a new debenture for $200 million to help finance key capital projects. This is the City’s fourth debenture issuance this year, with a low all-in cost of 2.927 per cent.

This conventional bond issue, with a 20-year maturity and a coupon interest rate of 2.85 per cent, will mature on November 23, 2041. It was issued on November 8 and will settle on November 23.

The proceeds from this issuance will be used to fund previously approved capital projects from several City divisions and agencies, including Toronto Transit Commission, Transportation Services and Shelter, Support & Housing Administration.

This issuance has a total of 30 investors from Canada and internationally and was more than 1.5 times oversubscribed. Despite rising concerns about inflation and the continued COVID-19 pandemic, demand for municipal bonds has remained strong, demonstrating the confidence investors have in the City and the local economy.

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 several Canadian investment dealers. Retail investors can contact their financial institutions to inquire about investing in the City’s debentures.

This year, three credit rating agencies have reaffirmed the City’s credit rating in the wake of the pandemic. The City maintains an AA credit rating by S&P Global, an AA credit rating by DBRS Morningstar, and an Aa1 credit rating by Moody’s. 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 – factors that have helped sustain the City’s fiscal performance during the past two years.

More information about the City’s debenture programs is available at City of Toronto Investor Relations.


“Once again, the City of Toronto is able to offer stable investment opportunities for investors while delivering sustainable and financially responsible outcomes for the residents of this city. The key capital projects funded by this issuance will support our continued efforts to rebuild from the COVID-19 pandemic while specifically funding transit, transportation and housing capital projects.”
– Mayor John Tory

“The response to the City of Toronto’s most recent debt issuance was once again positive and demonstrates continued investor confidence in both the City’s credibility and Toronto’s local economy.”
– 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