Bank of Nova ScotiaBNS
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Scotiabank priced CAD $750M in first Canadian defence-labelled notes, a new funding program milestone.
Impact on assets 1
Financials
Bank of Nova ScotiaScotiabank priced CAD $750 million aggregate principal amount of 5NC4 Canadian Defence Notes on September 21, 2026, its first offering under the bank's Canadian Defence Issuance Framework. The Bonds represent the first defence-labelled issuance by any entity in the Canadian market. Scotiabank intends to allocate an amount equal to the net proceeds to finance and/or refinance eligible assets in accordance with the Framework, supporting Canada's defence, security and resilience priorities. The Framework is informed by Canadian and allied defence priorities, including Canada's Defence Industrial Strategy and its defence vision, Our North, Strong and Free, and received an independent assessment from Sustainable Fitch, which found it aligned with emerging defence financing market practices. Paul Scurfield, Executive Vice President and Global Head, Capital Markets, Scotiabank, said the transaction gives investors an opportunity to participate in a labelled bond supporting Canada's defence capabilities, industrial base and long-term economic resilience, while Brandon Konigsberg, Executive Vice President and Group Treasurer, called it an important milestone in the development of Scotiabank's funding programs.
Bank of Nova ScotiaScotiabank priced CAD $750M in first Canadian defence-labelled notes, a new funding program milestone.