Investor Relations

City of Ottawa Debenture Activity

The City’s Treasury Division administers the debt and investments in accordance with the Municipal Act of Ontario and City of Ottawa policy guidelines.

City of Ottawa Credit Ratings

Credit Ratings

A credit rating is a current assessment of the creditworthiness of a borrower with respect to a specified obligation. It indicates the capacity and willingness of a borrower to pay interest and principal in a timely manner.

The City of Ottawa’s current ratings are as follows:

  Long Term
Moody's Investment Service Aaa
Standard & Poor's AA

Long-term Ratings are also assigned an outlook indicating the likely direction of an issuer's rating over the intermediate term, typically ranging from 6 months to 2 years. The outlook is denoted (P) for Positive Outlook, (N) for Negative Outlook or (D) for Developing Outlook. No identifier is attached to the rating if the outlook is Stable.

Green Bonds

External Opinion

Opinion of Sustainalytics.

City of Ottawa Green Debenture Framework

Vision Statement

City of Ottawa green debentures are used to finance capital works that promote environmentally sustainable development across the City to mitigate or adapt to the effects of climate change and/or contribute to the reduction of greenhouse gases. 

1. Use of Proceeds

The net proceeds of a Green Debenture issuance will be used to fund capital projects identified as eligible projects under the City of Ottawa Green Debenture Framework.

 Eligible Projects

“Eligible Projects” means identified transactions (mainly infrastructure) funded by the City in support of capital projects that are beneficial to the environment, as determined by the City.

Eligible Transactions will include those that align with the Plan for Sustainability and Resilience in Canada’s Capital Region and the City of Ottawa’s Strategic Plan.

Without limitation, capital projects in the following sectors will generally be considered eligible:

  1. renewable energy, including but not limited to:
    1. biofuels and bioenergy (except feedstock and viable forest based biomass)
    2. solar, wind and hydropower (limited to projects under 25MW capacity) facilities and related
  2. infrastructure energy efficiency, including but not limited to:
    1. refurbishing existing buildings to increase energy efficiency
    2. energy storage
    3. district heating
    4. smart grids
    5. equipment
  3. pollution prevention and control, including but not limited to:
    1. enhancing or updating existing waste water treatment infrastructure
    2. greenhouse gas (GHG) control
    3. soil remediation and treatment such as, the removal of harmful substances in soils
    4. the prevention and recycling of waste, and waste to energy
    5. value added products from waste and remanufacturing
    6. associated environmental monitoring analysis
  4. clean transportation, including but not limited to:
    1. Fleet, and both core and supporting infrastructure for electric, hybrid public transit, public, rail, non-motorized, multi-modal transportation
    2. cycling and walking infrastructure
    3. infrastructure for clean energy vehicles and reduction of harmful emissions
  5. ​sustainable water management, including but not limited to:
    1. sustainable infrastructure for clean water and water efficiency
    2. sustainable urban drainage systems and other forms of flooding mitigation
  6. sustainable management of natural resources, including but not limited to:
    1. protection or restoration of forests, wetlands, watercourses (streambank stabilization or naturalization) and other natural assets
    2. green roofs, bio-retention, or natural storm water management projects;
  7. climate change adaptation and resilience, including but not limited to:
    1. redesigning, retrofitting and upgrading of buildings and infrastructure to mitigate the negative impact of climate change and build resilience for extreme weather events such as high wind, rain or extreme temperatures;
  8. green buildings, including but  not limited to:
    1. the construction of new buildings that meet regional, national or international third-party certifications, such as LEED (Leadership in Energy and Environmental Design), BREEAM (Building Research Establishment Environmental Assessment Methodology), or any other similar recognized standards. 

2. Project Evaluation and Selection

The selection of Eligible Transactions is the responsibility of the Corporate Services Department (CSD) in consultation with internal and external expert stakeholders, this may include the combined effort of Planning Infrastructure and Economic Development, Legal and other departments, as required.  CSD will select the eligible capital project(s) that meet the guidelines set out above. Projects must also comply with all applicable laws and regulations, and policies of the City of Ottawa, including on assessing social and environmental risks of projects.  CSD will verify the suitability and eligibility with the Planning Infrastructure and Economic Development Department.  The internal or external legal representative(s) will draft a debenture by-law clearly outlining the use of proceeds, amongst other items, that includes a Schedule to the by-law listing the eligible capital projects to be financed by the debenture, and the list of eligible capital projects will be shared on the City’s website. A confirming by-law shall be passed by City Council authenticating the debenture by-law.

3. Management of Proceeds

The majority of capital projects to be funded by a debenture issued by the City have been developed and substantial completion criteria met.  In these common instances the proceeds of the debenture will be applied directly to the project to repay the bridge financing position of the City.

Where substantial completion has not been met on a project, the funds will be held in account of the City and invested in holdings with maturities aligned with substantial completion of the projects identified in the schedule to the by-law. 

In the rare case where substantial completion has been achieved and excess funds exist, the funds will be applied to other project classified as eligible projects under this Green Debenture Framework.

4. Reporting

CSD will coordinate the collective reporting requirements and provide an annual information report on its website addressing both allocation and impact reporting:

  • Debenture By-laws with accompanying schedule A outlining the specific projects funded by the debenture
  • a summary of the City’s green debenture developments including existing and future projects
  • updates with respect to distribution of unspent debenture proceeds
  • project updates and status reports for Eligible Projects;when possible
  • key performance indicators (KPI) such as

Key Performance Indicators

Eligibility Criteria Potential KPI
Renewable Energy kWh of power generated from renewable energy
GHG emissions reduced/avoided (tCO2e)
Energy Efficiency

Energy saved per year (kWh/year)
GHG emissions reduced/avoided (tCO2e)

Pollution Prevention and Control

Amount of emissions or pollutants reduced/avoided

Amount of waste diverted from landfill

Increase in cubic meter of water (m3) treated

Clean Transportation

Estimate of annual GHG emissions reduced/avoided (tCO2e)

Number of passenger journeys using green transportation

Sustainable Water Management Cubic meter of water (m3) saved/reduced
Sustainable Management of Natural Resources Area of natural assets that is conserved, protected or restored
Green Buildings List of eligible buildings that received third party-verified green building certification

5. Compliance Review

Prior to the first anniversary of a green debenture issuance, CSD will review the lending financed by the City’s green debenture in order to assess the compliance of the lending with the Green Debenture Framework. This review will be conducted annually until full allocation of the net proceeds from the City’s green debenture. The Treasurer will provide a report of the review, which the City will publish on its website. In an unlikely event that the annual review identifies allocations made to activities that do not comply with the Green Debenture Framework, the City will allocate the corresponding amounts to different lending activities that are compliant with the Green Debenture Framework.

The issuance of debentures pursuant to this Framework will be implemented in accordance with the Municipal Act, 2001 and directives issued by City Council as applicable.

Debenture Issuance

Green Bond Issues

City of Ottawa Outstanding Debt Issues

Table - Debt Issuance Summary
CUSIP Issue Date Original Issue Amount (Millions CAD) Maturity Date Interest Rate Issue Type Outstanding Amount at Dec. 31 2017 (Millions CAD) By-law
68919FRX3 9-14-1998 20,000 9-14-2018 5.875 SF 20,000 By-Law 68-1998
68919FSD6 9-10-1999 65,000 9-10-2019 6.200 SF 65,000 By-Law 72-1999
689551BS7 7/16/2004 25,000 7-16-2024 5.730 Amortizer 12,063 By-Law 2004-297
689551BT5 7/18/2005 100,000 7-18-2025 4.462 Amortizer 50,734 By-Law 2005-321
689551BU2 8/28/2006 100,000 8-28-2026 4.990 Amortizer 57,155 By-Law 2006-297
689551BW8 1/28/2008 75,000 1-28-2028 4.869 Amortizer 48,116 By-Law 2008-022
689551BV0 1/28/2008 25,000 1-28-2026 4.824 Amortizer 14,459 By-Law 2008-023
689551CF4 7-10-2009 11,486 7-10-2018 4.650 Serial 11,486 By-Law 2009-230
689551CG2 7-10-2009 11,973 7-10-2019 4.850 Serial 11,973 By-Law 2009-230
689551CQ0 4-19-2010 4,759 4-19-2018 4.350 Serial 4,759 By-Law 2010-121
689551CR8 4-19-2010 4,963 4-19-2019 4.500 Serial 4,963 By-Law 2010-121
689551CS6 4-19-2010 5,176 4-19-2020 4.650 Serial 5,176 By-Law 2010-121
689551CT4 4-19-2010 36,838 4-19-2030 5.300 SF 36,838 By-Law 2010-121
689551DB2 8-13-2010 7,055 8-13-2018 4.000 Serial 7,055 By-Law 2010-267
689551DC0 8-13-2010 7,356 8-13-2019 4.200 Serial 7,356 By-Law 2010-267
689551DD8 8-13-2010 7,670 8-13-2020 4.350 Serial 7,670 By-Law 2010-267
689551DE6 8-13-2010 61,000 8-13-2030 5.050 SF 61,000 By-Law 2010-267
689551DN6 10-19-2011 7,788 10-19-2018 2.750 Serial 7,788 By-Law 2011-367
689551DP11 10-19-2011 8,002 10-19-2019 3.050 Serial 8,002 By-Law 2011-367
689551DQ9 10-19-2011 8,222 10-19-2020 3.250 Serial 8,222 By-Law 2011-367
689551DR7 10-19-2011 8,448 10-19-2021 3.400 Serial 8,448 By-Law 2011-367
689551DF3 7/14/2011 9/04/2012 325,000 7/14/2042 4.600 SF 325,000 Original Issue $150M By-Law 2011-254 Re-opening $175M By-Law 2012-282
689551DX4 5-31-2012 3,233 5-31-2018 2.650 Serial 3,233 By-Law 2012-189
689551DY2 5-31-2012 3,317 5-31-2019 2.850 Serial 3,317 By-Law 2012-189
689551DZ9 5-31-2012 3,403 5-31-2020 3.050 Serial 3,403 By-Law 2012-189
689551EA3 5-31-2012 3,491 5-31-2021 3.200 Serial 3,491 By-Law 2012-189
689551EB1 5-31-2012 3,581 5-31-2022 3.350 Serial 3,581 By-Law 2012-189
689551EC9 5-31-2012 43,000 5-31-2032 4.000   43,000 By-Law 2012-189
689551EJ4 10-22-2013 4,904 10-22-2018 2.600 Serial 4,904 By-Law 2013-323
689551EK1 10-22-2013 5,058 10-22-2019 2.900 Serial 5,058 By-Law 2013-323
689551EL9 10-22-2013 5,217 10-22-2020 3.150 Serial 5,217 By-Law 2013-323
689551EM7 10-22-2013 5,382 10-22-2021 3.400 Serial 5,382 By-Law 2013-323
689551EN5 10-22-2013 5,551 10-22-2022 3.600 Serial 5,551 By-Law 2013-323
689551EP0 10-22-2013 5,726 10-22-2023 3.750 Serial 5,726 By-Law 2013-323
689551EQ8 10-22-2013 100,000 10-22-2033 4.400 SF 100,000 By-Law 2013-323
689551ED7 7-30-2013 154,000 7-30-2053 4.200 SF 154,000 By-Law 2013-250
689551EU9 4-23-2015 4,810 4-23-2018 1.050 Serial 4,810 By-Law 2015-120
689551EV7 4-23-2015 4,884 4-23-2019 1.200 Serial 4,884 By-Law 2015-120
689551EW5 4-23-2015 4,958 4-23-2020 1.400 Serial 4,958 By-Law 2015-120
689551EX3 4-23-2015 5,033 4-23-2021 1.600 Serial 5,033 By-Law 2015-120
689551EY1 4-23-2015 5,110 4-23-2022 1.800 Serial 5,110 By-Law 2015-120
689551EZ8 4-23-2015 5,187 4-23-2023 2.000 Serial 5,187 By-Law 2015-120
689551FA2 4-23-2015 5,266 4-23-2024 2.150 Serial 5,266 By-Law 2015-120
689551FB0 4-23-2015 5,347 4-23-2025 2.250 Serial 5,347 By-Law 2015-120
689551ER6 4-23-2015 100,000 04/23/2046 3.050 SF 100,000 By-Law 2015-120
689551FC8 7/27/2016 11/03/2016 7/21/2017 500,000 7-27-2048 3.100 SF 500,000 Original Issue $100M By-Law 2016-256 Re-opening $70M By-Law 2016-359 Re-opening $330M By-Law 2017-258
689551FE4 11-10-2017 102,000 11-10-2047 3.100 SF 102,000 Green Bond Issue By-Law 2017-355

NB - Issue Type SF- Sinking Fund