iA Financial establishes new sustainability bond framework

By Mary-Katherine Stinson

Lexington, Ky., Feb. 17 – iA Financial Corp. Inc. announced a new sustainability bond framework to enhance the company’s ability to finance its sustainability strategy in support of its commitment to environmental, social, and governance standards on Thursday, according to a press release.

The company stated it intends to allocate an amount equal to the net proceeds from the issuance of green, social, or sustainability bonds to finance or refinance, in part or in full, new and/or existing eligible assets that meet the eligibility criteria within each of the green eligible and social eligible categories as defined in the framework.

The framework has been reviewed and certified by Sustainalytics confirming its alignment with the International Capital Markets Association (ICMA) Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2021.

CIBC Capital Markets and National Bank Financial Markets were co-sustainability structuring advisers.

After issuance, the company stated it will publish an annual sustainability bond allocation and impact report on its website until full allocation of proceeds which will contain information including net proceeds raised, amount allocated, the balance of unallocated proceeds, amount used for financing vs refinancing and relevant quantitative and qualitative performance descriptions subject to confidentiality considerations.

iA Financial Group has also created a climate change working group and has been carbon neutral since 2020 with a set target of 20% greenhouse gas emissions reduction per employee by 2025.

iA Financial is a Quebec City-based insurance and wealth management group.

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