The bank said Monday it’s looking to tap investor demand for defence financing, with proceeds from the bond earmarked for assets tied to Canada’s security and resilience priorities. (The Logic)

Talking point: Scotiabank priced the five-year notes, callable after four years, under its Canadian Defence Issuance Framework, marking the first defence-labelled bond issuance in the Canadian market. Scotiabank launched the framework Sept. 8 but did not set an overall funding target. It establishes criteria for financing or refinancing eligible defence-related assets, including whether a company has a Canadian stock listing or headquarters, and draws on Ottawa’s Defence Industrial Strategy and the defence strategy the government published in 2024. Ottawa estimates its more recent strategy will result in $180 billion in defence procurement and $290 billion in defence-related infrastructure investment by 2035. Sustainable Fitch—an ESG data provider—said in a release that Scotiabank’s framework aligns with emerging defence-financing practices.

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