CDPQ Infra, a subsidiary of La Caisse, has successfully closed a $1.85 billion (CAD) issuance of senior unsecured fixed-rate notes for the Réseau express métropolitain (REM). This green bond is one of the largest ever completed in the Canadian market and marks a significant milestone as the REM transitions toward its long-term operating phase.
Strong Investor Demand Across Maturities
The issuance saw robust demand across all offered maturities—5, 7, 10, and 30 years—enabling attractive pricing and reflecting strong investor confidence in the REM. According to available data, this transaction ranks among the largest green bond issuances for a public transit infrastructure project globally, as well as among the most significant inaugural issuances in the transportation sector.
Financial Management and Strategic Goals
This financing is part of a rigorous financial management strategy aimed at optimizing the REM's capital structure and diversifying funding sources while maintaining a calibrated risk profile. The goal is to maximize financial efficiency and deliver stable long-term returns for La Caisse's depositors.
Daniel Farina, President and Chief Executive Officer of CDPQ Infra, stated: "This announcement illustrates the REM’s dual objective: to deliver a transformative and reliable public transit service for users while generating sustainable returns for La Caisse’s depositors. The strong success of this green bond issuance confirms the relevance of leveraging financial solutions that align with the energy transition and the nature of the REM."
About the REM and CDPQ Infra
The REM is a major public transit project serving the Greater Montréal area. CDPQ Infra employs an innovative model for executing major infrastructure projects, covering planning, financing, and construction to ensure success. The company aims to generate returns for La Caisse's depositors while supporting economic and community development.
