News Release
October 26, 2020

The City of Toronto is reopening one of its recently settled debenture offerings for an additional $250 million to help finance critical capital projects. This is the City’s fourth public debenture issuance this year and the lowest 30-year term rate the City has ever issued with an all-in cost of 2.436 per cent.

This conventional bond issue, which is a reopening of a 30-year maturity with a coupon interest rate of 2.80 per cent, will mature on November 22, 2049. This reissuance brings the bond’s outstanding amount to $600 million.

The proceeds from this issuance will be used to fund the completed portion of the approved capital projects from several City divisions and agencies, such as:

  • Transportation Services
  • Toronto Paramedic Services
  • Facilities Management
  • Economic Development and Culture, and
  • Exhibition Place.

Demand for municipal bonds has remained strong in recent months, demonstrating the confidence investors have in the City of Toronto. Although the COVID-19 pandemic has caused significant economic impacts across the globe, capital markets continue to be optimistically focused on rebuilding economies.

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 of Toronto’s debentures.

More information about the City’s Debenture Programs is available online.


“The funds from these bonds will ensure that we can make important investments to support recovery and rebuild efforts, and improve the City for future generations.”

– Mayor John Tory

“Expressions of interest were nearly double the amount for the $250 million being sold. This reflects highly on the City’s credibility and demonstrates the confidence investors have in the local economy.”

– Councillor Gary Crawford (Ward 20 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