Lead manager of the year, green bonds - supranational, sub-sovereign and agency: TD Securities

Canadian investment bank TD Securities lead managed the EU’s landmark inaugural green bond of €12 billion ($13 billion).

The mandate for the bond was announced on 11 October. The next day at 855 CET the syndicate opened the order book for investors. In less than an hour, orders reached €120 billion.

Shortly afterwards, at 1015, the order books closed with aggregate requests of €135 billion from more than 500 investors, representing the largest green bond order book ever.

Over 160 ESG-recognised investors participated in the pricing at 1434 – setting a record size deal for global green bond markets.

The bid from the pan-European real money community was significant in this transaction, with over 50% placed with asset managers and the pension and insurance community.

Amy WestTD Securities was the only Canadian bank – and one of two North American banks – to lead the transaction. This marked “a clear vote of confidence from the European Commission to TD's ESG expertise as well as execution capabilities”, the Toronto-based firm says.

TD has also worked on ESG transactions for leading European issuers including the European Investment Bank and German state-owned investment bank KfW.

In 2021, TD ranked among the top 10 banks globally for supranational, sub-sovereign and agency (SSA), with over $18 billion in apportioned underwriting, the bank said.

Amy West, managing director and global head of sustainable finance and corporate transitions, says of winning the award: “This achievement is a testament to the strength of TD's ESG platform and SSA franchise, and our commitment to further integrate these two markets. We are honoured to be recognised for our role in advancing the market.

“As a recognised market leader, TD’s Sustainable Finance & Corporate Transitions group, established as part of TD’s own net-zero by 2050 target, is delivering customised sustainable finance solutions.”