News Release
November 17, 2023

Yesterday, the City of Toronto issued its fourth social bond, a sustainable financing option that promotes positive and equitable socioeconomic outcomes for Toronto residents.

Toronto was the first – and remains the only – government in Canada to establish a Social Debenture Program.

This social bond issuance was for $215 million, with a 20-year maturity, a coupon interest rate of 4.55 per cent and will mature on Sunday, July 27, 2042. It was a reopening of the City’s social bond that was issued on Monday, July 11, 2022 and will settle on Monday, December 4. This additional issuance now brings the total outstanding to $450 million.

Despite global market volatility, investors remain confident in both Toronto’s economy and the City’s responsible financial management. This issuance was very well received and has a total of 25 Canadian and international investors.

The proceeds will be used to fund Council-approved capital projects such as the George Street Revitalization project and capital repairs for community centres, social housing and shelters.

The City’s Social Debenture Program advances positive social action and sustainability for all Torontonians. Eligible capital projects support social initiatives, including:

  • Social and affordable housing
  • Affordable basic infrastructure (access to transit, clean drinking water and sewage and sanitation systems)
  • Access to essential services (long-term care, senior services and emergency shelters)
  • Socioeconomic advancement and empowerment (public libraries and community hubs).

The City has been recognized for its leadership in the green, social and sustainability bond market, winning the international Environmental Finance Bond Award for Social Bond of the Year – Local Authority/Municipality in 2021 and 2022.

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.

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 responsible financial management and Toronto’s deep and diversified economy.

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


“The City of Toronto was the first – and continues to be the only – government in Canada to establish a Social Debenture Program, and that is something we can all be proud of. Investing in positive social action and sustainability is the right thing to do and the smart thing to do.”
– Mayor Olivia Chow

“Investors remain confident in the City of Toronto’s responsible financial management and our city’s deep and diversified economy. The proceeds from this bond will help us fund some of the essential projects needed to build a sustainable and equitable Toronto for generations to come.”
– Councillor Shelley Carroll (Don Valley North), Budget Committee Chair

Toronto is home to more than three 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 climate action, 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