Indigenous-owned Cedar Leaf is changing the face of capital markets in Canada. Clint Davis, an Inuk from Labrador, is its CEO Cedar Leaf. Under his leadership, the firm has achieved incredible successes in obtaining funding for Indigenous communities. Since the firm’s launch, it has been wholly involved in 54 bond sales. So far, it has raised more than US$41 billion for green projects including a landmark deal that enabled 36 First Nations in British Columbia to purchase a 12.5% share in Enbridge’s Westcoast natural gas pipeline.
Cedar Leaf’s recent success was partially due to its experience working with the Indigenous loan guarantee program. By pairing the local government support with federal government support, this initiative lowers interest rates on loans to Indigenous peoples. With its unique design, this program has offered crucial fiscal support, enabling Indigenous communities to tap into capital they had long been locked out of.
The firm features an all-Indigenous, three-person bond trading team that speaks to its mission of creating space for Indigenous voices in the world of finance. Cedar Leaf is currently working to line up additional government and private sector partnerships. Coincidentally, the company is coming to the end of its first full year of operations. The company is a big piece of a growing ecosystem of Indigenous finance. Its mission is to increase economic inclusion for Indigenous communities throughout Canada.
The First Nations Finance Authority (FNFA) has been an indispensable anchor of this ecosystem for almost two decades. By bringing member nations’ resources together, it allows those nations to protect themselves from rising interest rates. Chief Isaac Twinn of Sawridge First Nation—the second to give Cedar Leaf a home—stressed the importance of Cedar Leaf’s arrival. Beyond getting them to market, he believes it’s changing fundamentally how First Nations interact with the capital markets.
“For too long, decisions have been made around us rather than with us. FNFM is one step toward changing that — ensuring First Nations participation in capital markets through capacity building.” – Chief Isaac Twinn
Mark Podlasly, CEO of the First Nations Major Projects Coalition, emphasized what was at stake with Cedar Leaf’s approach. He noted that the federal government’s major projects initiative includes numerous potential contenders for Indigenous participation, creating pathways for collaboration in large-scale projects.
Cedar Leaf’s operational model is inspired by effective strategies in the U.S. Large companies in that bond market have earmarked portions of their bond sales for dealers owned by women, minorities, or disabled veterans. Beyond inclusivity, this strategy brings Indigenous communities deeper and more successfully into capital markets.
Clint Davis, Executive Vice President for Indigenous Financial Services at the Canadian Council for Aboriginal Business, on capital markets’ current alignment and representation of Indigenous interests. He underscored the persistent lack of inclusion of Indigenous people, businesses, and communities across these markets. Injustice behind bars This is an ongoing and dangerous problem that requires immediate action.
“Capital markets [have] been woefully under-representative of Indigenous people, businesses, and communities.” – Clint Davis
The development of Cedar Leaf and other programs like it is a promising turning point for Indigenous peoples to take an active role in the economy. Davis agreed and noted that a number of other factors are converging. This convergence is creating new opportunities for communities of all sizes to pursue medium- and large-scale projects.
“A lot of things are starting to converge here, where there’s great opportunity for communities to participate in these medium- and large-scale projects.” – Clint Davis
Cedar Leaf is excited to broaden that reach. The firm recently realized that it takes a lot of innovation to be successful, from the capital markets and from Indigenous stakeholders. Podlasly expressed this idea well when he said that if we want economic empowerment, we’re going to need to get creative.
“It’s going to take creativity, not just from the capital markets, but from Indigenous people as well, to think how do we co-function together to get to the ultimate objective, which is empowerment, economic empowerment.” – Mark Podlasly
It’s clear Cedar Leaf’s strategic initiatives are having an immediate and impactful effect. The video rental company just wanted to ensure that their preferred dealer was getting actively included in syndicates. These syndicates aim to make amends with First Nations. We believe this approach will build the major trust and goodwill necessary to bring both Indigenous communities and financial institutions together in a collaborative manner.
“There’s going to be a natural inclusion of our dealer in syndicates where the issuers are seeking acts of reconciliation with First Nations.” – Robert Van Belle
According to industry experts, Cedar Leaf Capital is doing more than just offering a service. It is changing the entire financial landscape. Scott Thomson showcased how Cedar Leaf is addressing an overdue gap in the financial ecosystem. While it presents great challenges, it opens incredible new opportunities for economic growth and job creation.
“Cedar Leaf Capital is not only filling a long-overdue gap in our financial system — it is reshaping it.” – Scott Thomson
Cedar Leaf’s journey is part of a growing movement across Canada to achieve genuine economic reconciliation with Indigenous communities. The green bond was the firm’s first foray into the capital markets. This historic move is a strong step in the direction of indigenous self-determination and empowerment.
