Green Bond Fact Sheet

City of Toronto

Date: 25-Jul-2018

Issue date: 01-Aug-2018 Maturity date: 01-Aug-2048 Tenor: 30
Issuer NameCity of Toronto

Amount Issued

CAD300m (USD231m)

Country of risk

CanadaCBI Database

Included

Issuer Type1

Local Government

Bond Type

Debenture

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☒ Electric vehicles☒ Low emission
vehicles☐ Bus rapid transit☒ Passenger trains☒ Urban rail

☒ Freight rolling stock☒ Coach / public bus☒ Bicycle infrastructure☐ Energy performance☐ Transport logistics☒ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

The issuer will coordinate with the Corporate Finance Division to collect and reportenvironmental impact metrics, which will be disclosed on the issuer’s website along withproceed allocations.

Company information

The City of Toronto is situated in the province of Ontario and is the largest Canadian city.

Firsts, records andcertifications

Second city in Canada to issue green bonds after City of Ottawa.

Proceeds description

The debut deal will finance sustainable transport projects and related infrastructure, suchas electric, hybrid and public transport systems.
Eligible categories under the Green Bond Framework also include:-renewable energy,-green buildings,-water management,-waste management,-adaptation/resilience and-eco-efficient and/or circular economy principles integration
Buildings are required to meet at least a Toronto Green Standard Tier 2, LEED Goldcertification or and equivalent standard/certification scheme level. Energy efficiency
improvements to existing buildings are eligible, including for private buildings through theHome Energy Loan Program, Hi-rise Retrofit Improvement Support and similar initiatives
where the City provides loans for energy efficiency retrofits.

Climate Bonds view

This is the third Canadian new issuer in 2018, taking the country’s pool of green bondissuers to 16. Setting a minimum energy efficiency threshold for existing buildings upgrades
would further strengthen the eligibility criteria.
The formation of the Canadian Expert Panel on Sustainable Finance, similar to the EU HLEG
and UK Green Finance Taskforce is a positive indicator that policy change and hence
additional growth could be on the way.

Underwriters

BMO, CIBC, RBC, National Bank Financial Inc

Deal comments
Credit Rating
Pricing summary

AA (S&P)

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign