News Release
December 3, 2021

The City of Toronto has issued a new green debenture for $150 million to help finance key capital projects. Overall, this is the City’s fifth debenture issuance this year, with a low all-in cost of 2.306 per cent.

This green bond issue, with a 10-year maturity and a coupon interest rate of 2.2 per cent, will mature on December 21, 2031. It was issued on December 2 and will settle on December 21. This issue marks the fourth time the City has issued a green bond since its initial green bond offering in 2018.

The proceeds from this issuance will be used to fund approved green capital projects for Solid Waste Management Services, Toronto Community Housing Corporation (TCHC). Toronto Transit Commission (TTC) and Waterfront Revitalization. Projects such as the Dufferin Organics Processing Facility which processes some of Toronto’s organic waste into Renewable Natural Gas, a low carbon fuel; energy efficiency retrofits in TCHC buildings; the purchase of electric buses as part of the TTC’s Green Fleet Plan; and Port Lands flood protection will be funded in part by the issuance of this green bond.

This issuance has a total of 29 investors from Canada and internationally and was more than 1.4 times oversubscribed. Investor confidence in the City and Toronto’s economy continues to be demonstrated by the sustained and strong demand for municipal bonds, despite the COVID-19 pandemic and growing concerns over the Omicron variant and inflation.

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’s credit rating was reaffirmed by three credit rating agencies this year. Despite the continued 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 on the City’s website.


“The City’s successful green bond program offers sound investment opportunities for investors while funding our sustained efforts to rebuild from the COVID-19 pandemic. This most recent issuance bolsters our efforts and will support projects that enhance environmental outcomes for the residents of Toronto.”

– Mayor John Tory

“Investor response to our most recent debt issuance continues to demonstrate a 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 contact: Media Relations,