The Government of Canada successfully priced its third new issuance of Canadian-dollar-denominated green bonds. This $2 billion issuance of a 7-year bond is part of a commitment to regular green bond issuances. This issuance is the fourth offering of Canadian-dollar-denominated green bonds following the prior issuances of a 10-year, $4 billion green bond in February 2024, which was re-opened in October 2024 for an additional $2 billion, and Canada’s first 7.5-year, $5 billion green bond in March 2022.

The government’s intent was to proceed with two smaller green bond transactions in fiscal year 2024-25—the October 2024 re-opening of the February 2024 bond, and now this separate offering—to meet the planned issuance outlined in Budget 2024.

This issuance is the third offering under Canada’s updated Green Bond Framework, which allows for certain nuclear energy expenditures to be eligible for green bond proceeds. Canada is the first sovereign borrower to issue a green bond including certain nuclear expenditures.