Resources to support our outcome bond discussion, including article synopses on sustainable finance, impact bonds and speaker biographies.

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This document summarizes key takeaways from an investor input session on developing outcome bond structures in Canada. It covers investor interest, market challenges, and promising themes like environmental and social outcomes.

Outcome Bonds Investor Insights - June 3, 2026

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Fate joined Mackenzie in 2017. She oversees the Sustainability, Marketing and Client Experience teams. With more than 15 years of experience in the financial sector, she has championed sustainable investment practices and capabilities to position Mackenzie and its investment boutiques as leaders in the space. In mid-2023, Fate took on an additional role as head of marketing and client experience. Since then, she has focused on elevating the voice of the client in marketing through research, insights and innovation, enabling fact-based and client-centric decision-making across the organization.

Fate earned a BComm from the University of Windsor and is a Chartered Professional Accountant (CPA).

Fate Saghir | Mackenzie Investments

Rosalie is an expert in sustainable finance with 20 years of experience. She advises market leaders, including asset owners and investment management firms, on planning and deploying their ESG strategies. Convinced of the power of finance to support the transformation of our economies, she also works with associations and groups to structure projects that drive change in sustainable finance and responsible investment. She participates in many industry initiatives, such as the Canadian Pensions Dashboard for Responsible Investing and the upcoming ISO standard on sustainable finance.

Rosalie Vendette | Quinn+Partners

Anne-Marie Monette is a Managing Director in the Sustainable Finance team at National Bank Financial Markets (NBF), where she plays a key role in establishing connectivity with the financial community across the country and contributes to several strategic workstreams. In her role, she supports NBF’s clients in sustainable finance transactions structuring and provides strategic advisory services on sustainability positioning and practices.  

Prior to joining NBF, Anne-Marie was leading ESG equity institutional sales efforts across Canada at RBC Capital Markets, acting as a sustainable finance senior relationship manager for large asset owners and asset managers. She previously led the responsible investment practice across capital markets at PSP Investments, where she occupied the role of Senior Director, Responsible Investment.  

Anne-Marie Monette | National Bank

Sean has been central to the growth of what is now a USD2 trillion global green bond market. He has served as CEO since setting up the organisation in 2009.

Sean focuses on promoting investment priorities for climate and green bonds, how governments can take advantage of the green bonds market and the development of international collaborations.

Sean Kidney | Climate Bonds

Based in London, Jonas David develops research and insights on the role of fixed income markets in the climate transition, with a focus on key sectors, sovereigns and development finance.

Jonas has extensive experience in emerging markets and fixed income investing. Before joining AFII as a Research Director, he co-led a project on innovative sustainable finance at the Emerging Markets Investors Alliance (EMIA). Previously he worked in the emerging markets fixed income team at Morgan Stanley Investment Management (MSIM) and covered emerging markets macro, FX and rates at the Chief Investment Office of UBS Global Wealth Management.

Jonas holds a Master’s in Economics from the University of St. Gallen, Switzerland, and a Bachelor’s in Economics from the University of Muenster, Germany. He is also a CFA charter holder.

Jonas David | Anthropocene Fixed Income Institute

Andrew Vasila focuses on impact-linked finance, ESG integration and innovation in blended finance at Mackenzie Investments. He has helped lead Mackenzie’s participation in landmark transactions, including the Wildlife Conservation “Rhino” Bond, the Amazon Reforestation Bond, Ecuador’s debt-for-nature swap and Côte d’Ivoire’s debt-for-development swap.

He has also contributed to Mackenzie’s sustainable fixed income strategies through quantitative models for ESG risk, carbon accounting and impact measurement across labelled debt projects, supporting ESG integration across Mackenzie’s fixed income platform.

Andrew holds the Fundamentals of Sustainable Accounting designation from SASB and is a member of the Bank of Canada’s CFIF Sustainable Finance Network, where he has chaired the Carbon and Natural Capital workstreams. He has represented Mackenzie at global events including COP28 and the GEF Assembly.

Andrew Vasila | Mackenzie Investments

Hadiza joined Mackenzie in 2019 and is responsible for the active management of global fixed income mandates, using both fundamental and quantitative investment strategies. She also contributes to ESG integration across fixed income mandates.

Prior to joining Mackenzie, Hadiza spent 12 years as a fixed income portfolio manager at a global investment firm in Paris, where she managed global credit and aggregate bond portfolios.

Hadiza holds a BA in Mathematics and Computer Science, as well as two master’s degrees in Banking, Monetary Policies and International Finance from Université Paris Dauphine, and an MBA from Washington University.

Hadiza Djataou | Mackenzie Investments

Michael leads the team that is responsible for structured note issuance, all derivatives related to funding, structure finance transactions for the Bank and its clients (including catastrophe bonds and swaps, carbon emission rights linked bonds, sukuk (Islamic bonds) for IFFIm and project linked bonds) as well as monetization of certified emissions reductions as agent for the United Nations’ Adaptation Fund.

Michael has spent sixteen years with the Bank, including five years (2006-2010) in the Bank’s Paris office. Prior to joining the Bank, Michael worked for Chase and Lehman Brothers in structured finance and two international law firms in New York, Tokyo and Hong Kong.

He holds a doctoral degree in Law, with a specialization in international and comparative law, from Columbia University in New York. 

Michael Bennett | World Bank

Full article

This whitepaper explores how outcome bonds are creating new opportunities for institutional fixed income investors to align capital with measurable social and environmental impact. Unlike traditional labelled bonds, outcome bonds link investor returns to the achievement of defined results, such as reforestation, emissions reduction or biodiversity restoration. The paper outlines how these structures work, the role of outcome funders and service providers, and the due diligence required to assess both financial and impact objectives. It also highlights the Amazon Reforestation-Linked Bond as an example of how outcome-based financing can support tangible environmental outcomes while offering investors differentiated return potential.

Investing with Impact: the financial and social benefits of outcome bonds

This article examines how bond markets could support Canada’s new nature strategy, which targets protection of 30% of land and 28% of marine areas by 2030. While Canada is already an active green bond issuer, the article notes that nature conservation has received a relatively small share of proceeds. It proposes sustainability-linked bonds as a complementary financing tool, with coupon adjustments tied to progress against conservation targets rather than proceeds allocated to specific projects. Using an illustrative 10-year SLB structure linked to Canada’s 2030 land and marine protection goals, the article highlights how performance-based incentives could help mobilize capital for nature outcomes while potentially offering pricing benefits versus conventional bonds.

Canada’s new nature strategy: an SLB proposal

This article highlights the Nature Investment Hub’s first Nature Finance Action Lab, which focused on financing wildfire resilience in Canada. The session explored how Canada can move from reactive firefighting toward proactive, Indigenous-led fire stewardship through scalable financing models. It outlines opportunities for tools such as Forest Resilience Bonds, blended capital structures and outcome-based funding tied to carbon, biodiversity and avoided-loss benefits. Key takeaways include the need for Indigenous leadership, stronger economic valuation, insurer participation and clearer policy support for prescribed and cultural burns. The article also notes Nature Focus’ goal to develop a Canadian Fire Resilience Bond model and pilot structure by 2026.

Wildfire Resilience in Canada

This article reviews the World Bank’s Amazon Reforestation Outcome Bond, a $225 million structure designed to support reforestation in the Amazon while offering investors exposure to both fixed income returns and potential outcome-linked upside. The bond redeems at par, pays a guaranteed fixed coupon, and includes a variable coupon tied to the sale of carbon credits generated by Mombak, a Brazil-based reforestation company. While the article views the structure as an innovative way to channel impact capital, it also highlights investor considerations, including contractual complexity, limited transparency on variable payout mechanics, and the differing risk profiles between the World Bank-guaranteed principal and the carbon-credit-linked payments.

World Bank Amazon Reforestation Bond: Concession, financial risk, and complexity

This article examines Poland as a case study in the financial materiality of a just transition. As one of the EU’s most fossil fuel-exposed economies, Poland continues to rely heavily on coal for electricity, creating exposure to high energy costs, climate regulation and transition-finance risks. The article highlights how social and political factors can slow decarbonization if not properly managed, including public resistance to the EU Green Deal and delays to renewable energy legislation. For bond investors, the piece underscores the importance of assessing transition plans not only through emissions targets, but also through social implementation risk, policy credibility and access to EU transition funding.

Poland: a just transition case study

This article summarizes key learnings from a Nature Investment Hub and Carolinian Canada workshop on using impact bonds to finance nature outcomes in Canada. It explains how impact bonds can mobilize private capital for conservation, restoration and stewardship by linking payments to measurable environmental and social results. Drawing on examples such as the Conservation Impact Bond in Southern Ontario, the article emphasizes the importance of Indigenous leadership, whole-landscape approaches, clearly defined outcome payers and stronger internal capacity among governments, foundations and corporations. It also highlights the need to better align nature-based outcomes with organizational priorities to help scale future impact bond models.

Impact bonds: Learnings to increase results (part 1)

This article shares insights from three Nature Investment Hub workshop discussions on how impact bonds can support nature finance in Canada. It highlights the adaptability of the impact bond model through examples including Carolinian Canada’s Conservation Impact Bond and an early-stage salmon impact bond being explored by Wuikinuxv First Nation and Coast Funds. Key themes include the importance of Indigenous leadership, whole-landscape approaches, blended finance, community-defined outcome metrics and stronger investor relationships with the lands and communities their capital supports. The article also emphasizes the role governments can play as outcome payers to de-risk investment and help scale nature-based solutions.

Impact bonds: Three important conversations (part 2)

This whitepaper outlines Mackenzie Fixed Income Team’s approach to integrating ESG factors into credit and sovereign risk analysis. Rather than treating ESG as a values-based screen, the paper frames environmental, social and governance data as financially material inputs that can help identify downside risk, credit deterioration, liquidity concerns and mispriced risk premia. It highlights Mackenzie’s proprietary corporate and sovereign ESG models, which assess material risks across sectors, geographies and issuer types, and shows how these insights inform valuation, security selection, country allocation, position sizing, engagement and portfolio construction. Overall, the paper positions ESG integration as a disciplined risk management tool for building more resilient fixed income portfolios.

Strategic ESG  integration:   Mackenzie’s fixed   income risk framework

This market update provides an overview of sustainable finance trends, with a focus on labelled bond issuance, investor demand and emerging themes for 2026. It highlights continued growth in global sustainable fund assets, strong Q1 2026 GSSS bond issuance, and the ongoing dominance of green bonds. The presentation also explores key themes shaping the market, including transition finance, nature and biodiversity, adaptation and resilience, and Indigenous-focused investments. Case studies such as FirstRand’s transition finance framework, H2O Innovation’s blue loan, the Tokyo Resilience Bond, Hydro One’s Indigenous-focused financing and selected outcome bond structures illustrate how issuers are using sustainable finance tools to mobilize capital toward measurable environmental and social outcomes.

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Resources to support our outcome bond discussion, including article synopses on sustainable finance, impact bonds and speaker biographies.

Articles and insights

Speaker biographies

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