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(Bloomberg) — Quebec, whose wildfires have darkened the New York skyline and spread an orange haze from Massachusetts to South Carolina, is marketing green bonds back home.
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The French-speaking province plans to sell C$600 million ($449 million) of green bonds due in 2032 with a spread of 68 basis points over Canadian government bonds, according to people familiar with the matter. The notes were marketed earlier with a spread of about 68.5 basis points.
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Proceeds from the bond sale are expected to be used mostly to fund clean transportation projects, including the Quebec City light rail system, the province said in a June 8 presentation on its website. The green bond program allows the issuer to allocate resources in four categories including adaptation to climate change.
Provincial bond regulators plan to price the deal because Canada now leads the world in the number of strong fires over the past 24 hours, according to data from NASA satellites, with more than 400 active wildfires across the country and many raging. the control. Prime Minister Justin Trudeau has blamed climate change for the exacerbation of the problem and said hundreds of American firefighters have arrived in Canada.
Domestic flights to New York’s LaGuardia Airport were delayed for a second day due to poor visibility, while the Federal Aviation Administration warned that flights may be grounded at JFK, Newark and Teterboro.
A representative of Quebec’s finance ministry did not immediately respond to a request for comment.
— With assistance from Matthew Dion and Christine Boerma.