News Release
September 14, 2021

The City of Toronto is issuing a third public debenture offering this year for an additional $100 million social bond to help finance critical capital projects that enhance social outcomes.

The transaction will be a re-opening of the City’s inaugural Social Bond, originally issued in June 2020, with a 10-year term and coupon interest rate of 1.6 per cent and will mature in December 2030. This is the City’s second offering of a sustainable debenture of this type. The City of Toronto remains as the only government in Canada who has issued a Social Bond in the public debt market. This bond issue was priced with an all-in cost of 1.937 per cent bringing this bond reissuance to an outstanding amount of $200 million. Toronto has one of the largest municipal borrowing programs in Canada and is a regular issuer in the public Canadian debt market.

The Social Debenture Program demonstrates the City’s commitment to advance positive social action and sustainability for all Torontonians. By investing in projects that enhance social outcomes, opportunities for the City to make a sustainable difference are many.

The proceeds from this issuance will be used to help fund projects from the following programs:

  • Toronto Transit Commission (TTC):
    • TTC Easier Access Program
  • Shelter, Support & Housing Administration:
    • George Street Revitalization
    • Housing and Shelter Infrastructure Development

Toronto was the first government in Canada to establish a Social Debenture Program, furthering its leadership in sustainable finance, and promoting positive and equitable socioeconomic outcomes. The City was awarded “Social Bond of the Year – Local Authority/Municipality” at the 2021 Environmental Finance Bond Awards for the issuance of its inaugural social bond last year. The award positions the City as a leader in the green, social and sustainability bond and loan market.

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 Social Debenture Program is available here .


”Toronto has one of the largest municipal borrowing programs in Canada and is a regular issuer in the public Canadian debt market. The success of this social bond shows the continued strong market confidence in the City of Toronto and we will continue to innovate and lead the transformation to ensure we stay committed to delivering equitable social advancements for all Torontonians now and in the future.”

– Mayor John Tory

”While we have continued to lead with a sense of purpose despite competing challenges and priorities, the City of Toronto’s social bond proceeds has helped fund critical and strategic initiatives that have impacted the lives of residents and businesses in Toronto. This third debenture issuance is a strong indication of the resilient market confidence in the City of Toronto.”

– 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