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Mayer Brown advises CPPIB on US$1.2 billion green bonds in global first

14 June 2018
Mayer Brown represented Canada Pension Plan Investment Board (CPPIB) on a $1.2 billion offering of green bonds led by CIBC World Markets Inc. and RBC. This is the first green bond sold by a pension fund globally.

This transaction was a record size for a single green bond transaction in Canada, according to Bloomberg data. Sold via its unit, CPPIB Capital Inc., the 10-year bonds were sold at a spread of 71 basis points over similar-maturity federal government bonds and offer a 3 percent coupon.

The sale provides additional funding for CPPIB, which is increasing its holdings in renewables and energy efficient buildings as world demand gradually transitions in favor of such investible assets. CPPIB has announced plans over the past year to invest more than C$3 billion in the renewable energy sector, as it works to ensure the CPP Fund is well-positioned for the expected global transition to a lower-carbon economy.

The Mayer Brown team advising CPPIB was led by Corporate & Securities partner David Bakst and associate Joanne Sur (New York). The team included Banking & Finance partner James Taylor (London), Corporate & Securities counsel Bradley Berman (New York), senior associate Simon Allison (London) and associates Milena Muradian and Chloe Wang (New York), Tax Transactions & Consulting partners Jason Bazar, Jared Goldberger (New York) and Benjamin Fryer (London), and Employment & Benefits partner Erika Gosker (Chicago).

Related Information

  • Related People
    David S. Bakst
    T +1 212 506 2551
    Joanne M. Sur-Young
    T +1 212 506 2448
    James Taylor
    T +44 20 3130 3136
    Bradley Berman
    T +1 212 506 2321
    Simon Allison
    Associate
    T +44 20 3130 3736
    Milena Muradian
    T +55 11 2504 4285
    Jason S. Bazar
    T +1 212 506 2323
    Jared B. Goldberger
    T +1 212 506 2421
    Ben Fryer
    Partner
    T +44 20 3130 3552
    Erika Gosker
    T +1 312 701 8634
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