TORONTO, Sept. 22, 2014 /CNW/ - CIBC World Markets Inc., the wholesale banking arm of CIBC, (TSX: CM) (NYSE: CM) announced today that it has become a registered observer of the Green Bond Principles (GBP), a set of voluntary guidelines designed to promote integrity in the green bond market where capital is raised to fund projects with environmental benefits.
Launched earlier this year by the International Capital Markets Association or ICMA, the GBP initiative provides transparency and disclosure guidance for bond issuers and underwriters when launching green offerings. It is also designed to ensure investors have the information necessary to evaluate the environmental impact of green bond investment opportunities - from how projects funded from green bonds are evaluated and selected to how bond proceeds are used and monitored.
"The green bond market is growing at a tremendous pace with global issuance for the first half of 2014 reaching approximately $20 billion, almost double the total for last year," says Susan Rimmer, managing director and head of debt underwriting for CIBC's corporate and financial institution clients. "As green bonds increase in popularity among issuers and investors, confidence in the market is essential to ensuring that funding continues to grow and be available for credible projects. We are pleased to support this effort with our clients and industry partners."
Ms. Rimmer adds that CIBC's support for the GBP initiative underscores the bank's commitment to financing new and innovative projects that contribute to cleaner, alternative or renewable energy supplies, including biogas, biomass, district energy systems, hydroelectric, geothermal, solar and wind.
More information about the ICMA green bonds initiative is available here.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients and three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking. CIBC's wholesale banking business provides integrated credit and capital markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. Visit www.cibcwm.com for Wholesale Banking news releases and information. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
SOURCE: CIBC World Markets
For further information:
Tom Wallis, Communications and Public Affairs at 416-980-4048, [email protected]