Money: Concordia becomes first university to issue sustainable bonds in Canada - PressFrom - Canada
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MoneyConcordia becomes first university to issue sustainable bonds in Canada

08:55  12 february  2019
08:55  12 february  2019 Source:   financialpost.com

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Concordia University (French: Université Concordia ; commonly referred to as Concordia ) is a public comprehensive university located in Montreal, Quebec, Canada on unceded Indigenous lands.

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Concordia University became the first Canadian university to issue a sustainable bond on Friday, riding an ethical investing wave that saw the country’s largest institutional investors more than quadruple their output in social and eco friendly bonds in 2018.

Concordia’s $25-million senior unsecured bond offers investors a 3.626 per cent yield and has a duration of 20 years — the longest for any sustainable bond in Canada, according to Denis Cossette, the university’s chief financial officer. The bond will be used to reimburse the university of the capital it spent on financing its Science Hub, which will be home to aquatic biology, microscopy, cellular imaging and chemical and materials engineering labs for researchers.

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Sustainability hub. Community engagement. Indigenous Directions. 5 easy steps to estimate the cost of your education at Concordia . The University reserves the right to modify the published scale of tuition and other student fees without prior notice.

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It’s the work that will take place inside the building that allowed Concordia to issue sustainable bonds instead of green bonds, Cossette said. The former required certification assuring that the Science Hub and the work that the university plans to conduct inside will contribute to three of the United Nations’ sustainable development goals — affordable and clean energy; industry, innovation and infrastructure; and climate action.

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Both the bond and the Science Hub align with the values of the school’s community, Cossette said.

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13. 1 admission to concordia university . The University gives fair consideration to all applicants and informs them of its decisions and the basis for such Applicants from outside Canada may pay this fee by international money order or draft drawn on a Canadian bank in Canadian funds.

If you are transferring from a university outside Canada , please consult our transfer student You must obtain a CAQ from Immigration Quebec before Immigration Canada can issue you a Study You must arrange funding to attend Concordia before you leave for Canada . In fact, when you apply for

“For Concordia, the question of sustainability is also a high priority for us so it’s a good message to present to our stakeholders, our students and our community,” he said.

The university decided early on that it would go the route of a sustainable bond and the decision was met with significant interest from investors. It was in meetings with investors that Concordia was pushed to extend the bond from its planned 10-year duration to 20 years.

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A rendering of Concordia’s upcoming Science Hub.

Interest in the bond was high, Cossette said, because investors were looking to use it to meet their own objectives to become more sustainable and eco-friendly.

“There was a lot of appetite,” he said. “It was very easy to sell.”

The university only made the bonds available to institutional investors such as insurance companies, banks and pension funds, said Cossette, who added that that’s the norm. The only way retail investors would be able to acquire these bonds is if institutional investors sell them off. Cossette doesn’t see this happening, suggesting they’re meant more for a “buy and hold” strategy.

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Universities in Canada are established and operate under provincial government charters. Most schools are members of Universities Canada

The following tools have been designed to help students address any questions and concerns that relate to the billing and payment of tuition and other compulsory fees at Concordia University .

The higher yield may sway investors to do just that. While Cossette said the yield would’ve remained the same even if it was a regular bond, it clearly outpaces the 2.1 per cent being offered on the Canada 20-year Government Bond. The U.S. 20-year Bond is yielding 2.9 per cent.

Concordia expects to open its Science Hub in the fall of 2019.

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