Scotiabank scored top spots in the 2021 IFR Awards, highlighting the Bank’s active capital funding programs - despite last year’s uncertain markets - and the teams’ role as issuers of innovative, first-time-to-market bond offerings.
Each year, the International Financing Review recognizes the industry’s leading fixed income, capital markets and investment banks. Among the high-profile awards issued, Scotiabank was named ‘Financial Issuer of the Year,’ with IFR crediting the Canadian bank for being active across funding markets, which helped return normalcy to financial markets after central banks suspended their support measures. IFR noted the quantity, size, and variety of currencies among Scotiabank’s benchmark transactions.
IFR also awarded Scotiabank in the ‘North America Financial Bond’ category, for its ‘novel Additional Tier 1 capital transaction’ in September 2021. The USD$600 million, 60-year limited recourse capital notes (LRCN’s) represented the first such US dollar offering by a Canadian issuer. IFR praised the fixed maturity structure of the notes, which created unique tax-deductible status for the LRCN’s interest payments.
