Real Estate Firm Exploits Green Bond Demand for Price Advantage
- B.C. fund’s property arm finds dozens of buyers for new issue
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The real estate manager of British Columbia’s $114 billion public pension fund is turning to the Canadian-dollar green bond market in a debt sale that provides fresh evidence the securities can offer a pricing advantage for borrowers.
Vancouver-based QuadReal Property Group Ltd. issued C$350 million ($261 million) of 10-year bonds this week at about three basis points tighter than where one of the firm’s comparable regular bonds would have been priced, Chief Financial Officer Tamara Lawson said in an interview Thursday. Utility firm FortisBC Energy Inc., which also sold green bonds this month, estimated its price advantage in a range of one to four basis points.