Desjardins Group, North America’s largest financial services co-operative, is considering a sale of sustainable bonds in the U.S. after its debut ESG debt sale in Canada priced at lower interest rates than its conventional debt.
“If I see another opportunity to issue senior debt in the U.S. just as other banks did since 2017 or something like that, I would,” Desjardins’ Head of Treasury Yassir Berbiche said in an interview after selling C$500 million ($396 million) of sustainable bonds last week at a so-called greenium of 4 basis points, referring to the price benefit of issuing environmental, social and governance bonds. Desjardins may also use its ESG bond program to eventually offer subordinated debt, Berbiche said.
