Lead manager of the year, social bonds - local authority/municipality: Bank of Montreal, CIBC, National Bank Financial, RBC

Bank of Montreal, CIBC, National Bank Financial, and RBC have been collectively recognised as lead managers of the year for their work on the City of Toronto's C$100 million ($80 million) 1.60% Dec 2030 Social Bond.

The bond goes towards affordable housing, specifically in the provision of capital funding for project including the City's 1000 Shelter Bed goal and its George Street Revitalisation for the surrounding vulnerable population.

Toronto has a unique tax-raising ability which allow it to access additional revenue sources besides property taxes and user charges for environmental services, providing greater flexibility than most other Canadian municipalities, giving it an edge that was critical in its achievement of being the first such municipality to issue this kind of social bond in Canada.

The City of Toronto also maintains strong debt credit ratings from three credit rating agencies (Moody's, S&P, and DBRS - all stable).

The issue garnered strong demand—including strong interest from the ESG community—in excess of C$400 million, with a total of 36 investors participating and interest largely driven by asset managers, banks, and insurance companies.  Investors with ESG mandates represented 70% of overall sales.