Skip to main content

Second-Party Opinion Download

Project Details


CIBC Women in Leadership Bond Second-Party Opinion



Project Type

Social Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

Sep 2018

Evaluation Summary

Sustainalytics is of the opinion that the CIBC Women in Leadership Bond Framework is credible and impactful, and aligns with the four core components of the Social Bond Principles 2018. This assessment is based on the following:


The eligible category for the use of proceeds is aligned with those recognized by the Social Bond Principles 2018 that seek to achieve socioeconomic advancement and empowerment for a well-defined target population. Sustainalytics considers that financing loans to companies with high levels of women in leadership will lead to positive social impacts and advance key UN Sustainable Development Goals.


CIBC’s project selection process involves initial identification and screening by the Corporate Banking Team, and review and approval by the Bank’s Women in Leadership Bond Council, which includes senior executives, as well as an annual review of all eligible loans. Sustainalytics considers these processes to represent market best practice.


The net proceeds of the social bond will be deposited in CIBC’s General Fund, and an equivalent amount will be earmarked for allocation to eligible loans. Unallocated funds will be invested in line with CIBC Treasury’s liquidity management procedures; it is the Bank’s intention to allocate all funds within 18 months of issuance. This is in line with market practice.


CIBC will report annually for the life of the bonds, and post on its website allocation information at the category level and impact information based on the aggregate number of women on the board or in executive positions among companies to which the Women in Leadership Bond has been allocated and the annual percentage change in the number of companies in CIBC’s Corporate loan book which meet its eligibility criteria; review and assurance will be obtained on this reporting. This is in line with market practice.