Export Development Canada’s $378 Million Green Bond Offering

Davis Polk advised the underwriters in connection with the offering of C$500 million (approx. US$378 million) aggregate principal amount of 1.650% Canadian dollar bonds due 2024 issued by Export Development Canada.

The net proceeds of the bonds will be used for special environmental projects.

Export Development Canada, a crown corporation of Canada, provides financing, insurance and bonding solutions to Canadian companies that export goods and services or invest in other countries. The bonds carry the full faith and credit of Canada.

CIBC Capital Markets, RBC Capital Markets, TD Securities, BMO Capital Markets, BNP PARIBAS, BofA Merrill Lynch, Casgrain & Company Limited, Crédit Agricole CIB, Desjardins Capital Markets, HSBC, J.P. Morgan, National Bank Financial Markets and Scotiabank acted as underwriters on the deal.

Stikeman Elliott LLP and Davis Polk & Wardwell LLP represented the underwriters in connection with the transaction.

Milbank LLP acted as legal counsel to Export Development Canada.

The Davis Polk capital markets team included partner Deanna L. Kirkpatrick (Picture), counsel Jeffrey S. Ramsay and associates Carrie Guo and David Li. The tax team included partner Michael Farber and associate Joseph Jarashow.

Involved fees earner: Michael Farber – Davis Polk & Wardwell; Carrie Guo – Davis Polk & Wardwell; Joseph Jarashow – Davis Polk & Wardwell; Deanna Kirkpatrick – Davis Polk & Wardwell; David Li – Davis Polk & Wardwell; Jeffrey Ramsay – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: BMO Capital Markets; BNP Paribas; Casgrain & Company Limited; CIBC World Markets Corp.; Crédit Agricole Corporate and Investment Bank; Desjardins Securities Inc.; HSBC Securities; J.P. Morgan Securities LLC; Merrill Lynch Canada Inc.; National Bank Financial Inc.; RBC Dominion Securities Inc.; Scotia Capital Inc.;

Author: Ambrogio Visconti