News Release
December 2, 2020

The City of Toronto is reopening its Green Bond, originally issued in 2019, for an additional offering of $130 million to help finance capital projects that mitigate the effects of climate change. This is the City’s fifth public debenture issuance this year and the lowest 20-year term rate the City has ever issued with an all-in cost of 2.184 per cent.

The $130 million issue, which is a reopening of a 20-year maturity with a coupon interest rate of 2.6 per cent, will mature on September 24, 2039. The reopening brings the bond’s outstanding amount to $330 million.

The City was one of the first municipalities in Canada to establish a Green Debenture Program in 2018. Green bonds help fund capital projects that meet the City’s environmental objectives, including:

  • mitigation and adaptation to the effects of climate change
  • abatement and avoidance of GHG emissions
  • resource recovery and a hierarchical approach to waste management, and
  • air, water and soil pollution prevention and control.

The proceeds from this issuance will be used to fund the completed portion of the approved capital projects that deliver environmental benefits from several City divisions and agencies, including Toronto Community Housing energy efficiency retrofits, the Port Lands Flood Protection Project and TTC subway track.

The City 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. This year, the City has issued a total of $980 million in public debt, including Social, Green and conventional bonds.

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 Green Debenture Program is available here .

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


“Green Bonds are an important tool to help the City deliver critical infrastructure. The funds from these bonds ensure we can continue making important investments that will help protect the environment and improve the City for future generations.”

– Mayor John Tory

“Investors continue to look for environmentally and socially responsible investment opportunities. We’re proud to be a leader in the public sector, funding critical projects that make real change and reduce our carbon footprint.”

– 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.

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