News Release
July 12, 2021

The City of Toronto is reopening its recently settled debenture offerings for an additional $200 million conventional bond to help finance critical capital projects. This is the City’s second public debenture issuance this year.

This conventional bond issue, which is a reopening of a 20-year maturity with a coupon interest rate of 2.15 per cent, will mature on August 25, 2040 and was priced with an all-in cost of 2.666 per cent. This reissuance brings the bond’s outstanding amount to $500 million.

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

  • Toronto Transit Commission
  • Transportation Services
  • Waterfront Revitalization
  • Facilities Management, Real Estate & Environment

Although the COVID-19 pandemic has caused significant economic impacts across the globe, demand for municipal bonds has remained strong. This issuance has a total of 31 Canadian and international institutional buyers, demonstrating the confidence investors have in the City. The capital markets continue to be optimistically focused on rebuilding economies by financing critical capital projects.

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.

More information about the City’s Debenture Programs is available here


“As we gradually recover from the pandemic, the City is happy to partner with investors to deliver tangible, sustainable and financially responsible outcomes. The issuance of a $200 million debenture will enable the City to continue investing in critical projects that support the City’s recovery and rebuild efforts and ultimately benefit all Torontonians.”

– Mayor John Tory

“Despite the vulnerability of the markets as a result of the economic impacts of COVID-19, investor demand remains strong and the market continues to be favourable for the City to issue debentures. This will help the City deliver tangible and sustainable outcomes to ensure that we can make important investments to maintain and improve the City for present and future generations.”

– 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,