Yesterday, the City of Toronto issued its third social bond. Toronto was the first – and remains the only – government in Canada to establish a Social Debenture Program, furthering its leadership in sustainable finance while promoting positive and equitable socioeconomic outcomes. This social bond issuance was for $235 million, with a 20-year maturity, a coupon interest rate of 4.55 per cent and will mature on July 27, 2042. It was issued on July 11 and will settle on July 27. Despite sustained concerns about inflation and the economic implications from the rising interest rate environment, investor confidence in both the City and Toronto’s economy remains strong. This issuance was very well-received and has a total of 29 Canadian and international investors. The proceeds will be used to fund Council-approved capital projects from several City divisions and agencies, such as Toronto Transit Commission’s Easier Access program, and the George Street Revitalization project. The City’s Social Debenture Program advances positive social action and sustainability for all Torontonians.