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RBC Capital Markets signs onto the Green Bond Principles, hosts Green Bond Conference in Toronto
|By PR Newswire
|April 14, 2014 07:18 AM EDT
TORONTO, April 14, 2014 /PRNewswire/ - RBC Capital Markets, the corporate and
investment banking arm of Royal Bank of Canada (TSX: RY; NYSE: RY), is
pleased to join the second wave of international banks that have signed
onto the Green Bond Principles. As disclosed today in a release issued
by The International Capital Market Association (ICMA), who will
provide administrative and governance duties over the Green Bond
Principles, 25 banks have announced their support of these principles
to date which strive to provide voluntary guidelines for the process
and development of green bonds.
This news follows RBC Capital Markets' inaugural Green Bond Conference
which was held in Toronto on April 2, 2014, and brought together
corporate and institutional investors along with a panel of
international issuers and other experts. The conference was developed
as part of RBC's dedication to developing sustainability initiatives,
and to the green bond market both in Canada and globally. The global
green bond market has seen rapid growth since the first issuance of a
green bond in 2007. Between 2007-2013, total green bond issuance sits
at $24.2B, with 2013 issuance alone comprising $11.8B and Q1 2014
yielding record issuance of $9B.
Speaking at the conference, Paul Belanger, a managing director in Debt
Capital Markets at RBC Capital Markets, said: "Evidence of climate
change continues to dominate global headlines. The green bond market
provides the perfect opportunity for socially responsible investors to
participate in projects that promote environmental sustainability. We
are pleased to have assembled a world class panel of green bond issuers
and other experts, with institutional investors seeking to learn more
about this growing debt product."
Green bonds have emerged as a popular instrument for supra-nationals,
development banks and governments to unlock private capital for a
variety of sustainable projects. The Ontario government has announced
its intention to launch its first green bond in 2014 as a strategy to
finance environmentally-friendly infrastructure projects throughout the
province. Many panellists at the RBC conference agreed that the
increasing appeal of green bonds lies in the ability to support
sustainability projects while maintaining the risk/reward
characteristics of traditional fixed income products.
Commenting on the state of the green bond market, Altaf Nanji, head of
Canadian Credit Research at RBC Capital Markets, said: "Beyond the very
near term, green bond issuance could be adopted by various corporate
sectors, with the instrument being particularly well suited for Real
Estate (including Pension Fund), Power Generation and Utility sectors.
For context, Canadian dollar issuers in these sectors have general
obligation bonds of approximately CAD$100B outstanding."
"Endorsing the Green Bond Principles is RBC's latest commitment to
embedding sustainability into our core business activities" said Sandra
Odendahl, director of Corporate Sustainability at RBC. "We have been
incorporating environmental considerations into financing since we
added environmental credit risk management to our lending policies in
1991. Since then, we've broadened and deepened our environmental
programs, and have been recognized as a corporate leader in
environmental sustainability. As the market for green bonds grows, RBC
will continue to explore how financial products can be used to drive
positive social and environmental impact."
It is clear that capital will be required in order to complete
sustainability initiatives around the world. RBC looks forward to being
an active participant as more socially-responsible investors partake in
the growing green bond market.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of the
Royal Bank of Canada, the fourth largest bank in North America by
market capitalization. RBC Capital Markets is a premier investment bank
that provides a focused set of products, services and expertise to
corporations, institutional investors and governments around the world.
With over 7,100 professionals in 15 countries, we deliver our products
and services to clients in over 100 countries through operations across
North America, Europe and the Asia-Pacific region. For more
information, please visit www.rbccm.com.
About RBC Community & Sustainability
Royal Bank of Canada (RY on TSX and NYSE) is Canada's largest bank and
one of the largest banks in the world, based on market capitalization.
We employ approximately 79,000 full- and part-time employees who serve
more than 16 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 42 other
countries. RBC is recognized among the world's financial, social and
environmental leaders and is listed on the 2014 Dow Jones
Sustainability World Index, the DJSI North American Index, the Jantzi
Social Index and the FTSE4Good Index. RBC is one of Canada's Greenest
Employers, and one of Canada's 50 Most Socially Responsible
RBC supports a broad range of community initiatives through donations,
sponsorships and employee volunteer activities. In 2013, we contributed
more than $104 million to causes worldwide, including donations and
community investments of more than $69 million and $35 million in
sponsorships. Learn more at rbc.com/community-sustainability.
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