National Bank Financial Celebrates Industry Recognition of the First Green Bond Issued to Finance Public-Private Partnership Infrastructure in Canada
North Island Hospitals Project Recognized for Excellence in Social Infrastructure
National Bank Financial is pleased to announce that the North Island Hospitals project has won the North American Social Infrastructure Deal of the Year awarded by IJGlobal Magazine on March 12 in New York City, NY. The award recognizes both the innovative financing of the project, as well as the environmental stewardship that resulted in the first green bond in North America used to fund a public-private partnership (P3).
“National Bank Financial was privileged to act as lead underwriter on the first green bond issued in North America to fund a public-private partnership,” said Peter Hepburn, Global Head of Power & Infrastructure, “and in particular, we were very pleased to be able to assist the Province of British Columbia in achieving recognition of green principles that are built into the requirements of the North Island Hospitals Project.”
The North Island Hospitals Project was validated as green by the Altus Group, an industry‑respected consultant and technical advisor for public and private sector infrastructure projects. The British Columbia government set the technical criteria for the development of the Project. The $231.5 million bond was issued by Tandem Health Partners, the consortium that will deliver the North Island Hospitals Project which includes a new hospital in Campbell River and one in the Comox Valley. Construction on both sites is underway with completion estimated for late 2017.
“We thank Tandem Health Partners for finding an innovative approach for financing P3s in British Columbia, while at the same time aligning with the B.C. government’s environmental and social responsibility goals,” said Michael de Jong, British Columbia’s Minister of Finance.
The World Bank first introduced green bonds in 2008, and the global market for these bonds has been steadily growing. Green bonds are similar to traditional bonds, but the proceeds are used exclusively for projects with environmental benefits. The North Island Hospitals’ green bond conforms to the standards outlined in the Green Bond Principles, an internationally recognized consortium of global banks of which National Bank Financial is a member.
“As a leader in Canadian public-private partnership infrastructure long-term debt underwriting,” said Mr. Hepburn, “we are committed to bringing innovative, customized solutions to every project, and this best-in-class recognition affirms our commitment to delivering creativity and value to our clients.”
About National Bank Financial
With $86 billion in assets under administration, National Bank Financial is a fully-integrated investment dealer combining retail advisory and brokerage services with institutional brokerage, investment banking and corporate finance. National Bank Financial offers its services to more than 325,000 individual investor clients. Its Financial Markets division has a major presence in Toronto, Calgary, Vancouver and Montreal, as well as operations in the United States and Europe.
About National Bank of Canada
With $214 billion in assets as at January 31, 2015, National Bank of Canada (nbc.ca), together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has more than 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
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