November 2, 2017 / 5:38 PM / in a year

City of Ottawa prices Canada's first municipal green bond -term sheet

TORONTO, Nov 2 (Reuters) - The City of Ottawa priced its first green bond offering, raising C$102 million ($79.6 million) of a 3.25 percent bond that matures in November 2047, a term sheet seen by Reuters showed on Thursday.

The deal, which is the first municipal sale in Canada of the climate friendly debt, was priced at a spread of 97 basis points over the Government of Canada benchmark, the terms showed.

The proceeds of the deal will be used to finance light rail transit capital work that meets the requirements of the city’s Green Bond Framework, the terms said.

The City of Ottawa did not have an immediate comment on the green bond issue. ($1 = 1.2809 Canadian dollars) (Reporting by Fergal Smith; Editing by Chris Reese)

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