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Government of Canada Selects TD Securities for First-Ever Issuance of Green Bonds
TORONTO, June 14, 2021 /CNW/ - The Toronto-Dominion Bank ("TD") (TSX: TD) (NYSE: TD) has been selected by the Government of Canada's Department of Finance as one of its two structuring advisors for its inaugural issuance of green bonds.
TD Securities was selected to advise on the design of Canada's green bond framework, assist in the development of the on-going program, and support an inaugural issuance in the coming year.
"As Canada advances its climate and sustainability goals, the development of a green bond program represents a significant milestone in this journey," says Bob Dorrance, Chairman, CEO and President, TD Securities. "We're well-positioned to provide trusted advice and support to our clients, like the Government of Canada, as they access financial markets and work towards achieving their sustainability objectives."
TD was the first North American bank to become carbon neutral in 2010 and in 2020, became the first Canadian bank to target net-zero GHG emissions associated with its operating and financing activities by 2050. TD has also contributed over $56 billion of our $100 billion low-carbon economy target through our low-carbon lending, financing, asset management and internal corporate programs in the last four years.
To support clients around the world transition to a low-carbon economy, TD Securities created the Sustainable Finance and Corporate Transitions Group.
"Green and sustainable bonds are one way of increasing the flow of capital to low-carbon and socially responsible projects needed for a prosperous economy. We are proud to work with the Government of Canada on this important initiative," says Amy West, Managing Director, Global Head of Sustainable Finance and Corporate Transitions, TD Securities.
For the seventh consecutive year, TD was listed on the Dow Jones Sustainability World Index and was the only North American bank included in the 2020 ranking – a further testament to our leadership incorporating ESG practices into our business. TD is a proud member of the Green Bond Principles (GBP), the Social Bond Principles (SBP), the Sustainability Bond Guidelines (SBG), the Sustainability-Linked Bond Principles (SLBP) referred to as the 'Principles' and is an active participant in a number of International Capital Market Association (ICMA) working groups.
A long-standing record of environmental leadership:
- TD issued a US$500 million sustainability bond which was upsized from US$300 million and was the first-ever sustainability bond in SOFR format. (2020)
- TD issued a US$1 billion green bond that was upsized from US$500 million. (2017)
- First Canadian company to join the CDP Supply Chain Program (2016)
- First Canadian company to join RE100, committing to 100% renewable energy (2016)
- First Canadian commercial bank to issue a C$500 million green bond. (2014)
- TD has been underwriting World Bank Climate Bonds since 2009, and in 2010 became the first North American-based carbon neutral bank.
- Participated in underwriting over C$35 billion in green bonds (since 2010)
- First North American-based bank to become carbon neutral (2010)
- Only Canadian bank listed on the DJSI World Index of most sustainable companies (2014, 2015, 2016, 2017, 2020)
The TD Securities Government Finance Group has been consistently ranked a top 2 dealer for domestic and global markets issuance for Canadian public sector debt issuers and recognized among the top underwriters of Canadian Government Debt by Bloomberg's annual league tables over the last 10 years. A leader in the Canadian sustainable finance space, they are also rated Most Helpful Trader in Canadian Provincials in Greenwich's 2020 Most Helpful Traders and Analysts – Canada listing.
As part of the Federal Government's announcement, HSBC was also named as a structuring advisor. As announced by the Federal Government on June 11, appointing structuring advisors is in line with other national governments that have issued green bonds, and is the first of multiple milestones of the Federal Government in advance of issuing Canada's inaugural green bond in 2021-22.
Caution Regarding Forward-Looking Information
From time to time, The Toronto-Dominion Bank (the "Bank" or "TD") makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, statements made in the Bank's Management's Discussion and Analysis for the quarter ended April 30, 2021 ("Q2 2021 MD&A") under the headings "How we Performed, including under the sub-headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19" and under the heading "Managing Risk", statements made in the Bank's Management's Discussion and Analysis ("2020 MD&A") in the Bank's 2020 Annual Report under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings "Key Priorities for 2021", and for the Corporate segment, "Focus for 2021", and in other statements regarding the Bank's objectives and priorities for 2021 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank's anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "intend", "estimate", "plan", "goal", "target", "may", and "could".
By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank's information technology, internet, network access or other voice or data communications systems or services; model risk; fraud to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; environmental and social risk; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events.
The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2020 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings "Significant Events" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank's forward-looking statements.
Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2020 MD&A under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, "Key Priorities for 2021", and for the Corporate segment, "Focus for 2021", each as may be updated in subsequently filed quarterly reports to shareholders.
Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on April 30, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
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