The BNY Trust Company of Canada (BNYTCC) has announced its recent appointment as Trustee and Registrar on CAD$600 million Subordinated Debentures issued by Manulife Financial Corporation (Manulife), a leading international financial services group. These debentures are Manulife’s first green bond offering in Canada.
Manulife intends to use an amount equal to the net proceeds of the offering to finance or refinance, in part or in full, new and/or existing eligible assets as defined in the Manulife Green Bond Framework. The Framework is aligned with the International Capital Market Association’s Green Bond Principles 2017, and directs the use of proceeds towards renewable energy, green buildings, sustainably-managed forests, energy efficiency, clean transport, sustainable water management and/or pollution prevention and control.
In November 2017, Manulife completed a Singapore notes offering. This offering was the first-ever green bond issuance by a life insurance company and by a Canadian issuer. It is certified as a Climate Bond by the Climate Bonds Initiative, an investor-focused not-for-profit organization that promotes large-scale investment in the low-carbon economy. On the Singapore Notes BNYTCC acted as Trustee. The Bank of New York, London Branch, acted as Principal Paying Agent, and The Bank of New York Mellon SA/NV, Luxembourg Branch as Registrar and Transfer Agent.
“We are pleased to be furthering global Environmental, Social and Governance (ESG) goals with our roles in these issuances,” said Dan T. Gosselin, Managing Director, BNYTCC. “ESG goals align to our broader goals as a company, as well as contributing to the greater good of a cleaner and greener world.”
BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of March 31, 2018, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 53,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.
To learn more about BNY Mellon Corporate Trust, please visit our website.