Canada

Nine (9) Financial Institutions currently invest or make available an  estimated USD$ 4,332.43 million in nuclear weapons companies. One (1) financial institution was found to have a policy related to nuclear weapons and is in the Runners-up.

Runners-up

Royal Bank of Canada (Private, Canada)

The Royal Bank of Canada (RBC) is one of Canada’s largest banks and offers personal and commercial banking, insurance, corporate, investment banking and other financial services around the globe.[i] RBC states that there are certain types of clients and transactions it “avoids in all cases”. Such clients and transactions include “the financing of companies manufacturing or trading in equipment or material for nuclear, chemical or biological warfare, landmines or cluster bombs”.[ii] The scope of this prohibition is not clear. No exclusion list is published.

It is unclear whether Royal Bank of Canada’s exclusion policy applies to all activities of nuclear weapons producing companies. The potential loopholes in their policy are illustrated by RBC’s continued provision of loans, investment banking and asset management in a number of the nuclear weapons producers identified in this report (this financing is detailed in the Hall of Shame). Because investments were found by Royal Bank of Canada in companies listed in this report as nuclear weapon producers, and because Royal Bank of Canada did not provide additional information on their policy, they are not listed in the Hall of Fame but in the Runners-up category instead. We commend Royal Bank of Canada for their policy and encourage them to further strengthen the policy so they may be listed in the Hall of Fame in our next report.

[i]         RBC, “Corporate Profile”, available at RBC website (http://www.rbc.com/aboutus/index.html),last viewed July 2013.

[ii]        RBC, “2012 Corporate Responsibility Report and Public Accountability Statement”, p. 59, available at http://www.rbc.com/community-sustainability/_assets-custom/pdf/RBC-CRR-Report-e.pdf, last viewed July 2013.

Hall of Shame

Bank of Montreal

Bank of Montreal currently has an estimated USD$ 209.70 million invested or available for the nuclear weapons producers identified in this report.

Loans

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Bank of Montreal participated in the 21 bank syndicate, committing an estimated amount of US$ 37.5 million.[i]

 

In October 2011, URS entered into a US$ 1,700 million credit facility at a base rate of LIBOR+150.000bps due October 2016. The facility was split in two tranches: a US$ 1,000 million revolving credit facility and a US$ 700 million term loan. The proceeds were used for refinancing bank debt and general corporate purposes. Bank of Montreal participated in the syndicate of 16 banks, providing an estimated amount of US$ 85 million.[ii]

Asset management

Table 1 provides an overview of the nuclear weapon companies in which Bank of Montreal owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of Bank of Montreal

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Northrop Grumman United States 0.53 87.72 31-Mar-2013 until 31-May-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Burgundy Asset Management

Burgundy Asset Management currently has an estimated USD$ 44.09 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 2 provides an overview of the nuclear weapon companies in which Burgundy Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 2         Shareholdings of Burgundy Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Jacobs Engineering United States 0.60 44.09 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Gryphon International Investment Corporation

Gryphon International Investment Corporation currently has an estimated USD$ 55.71 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 3 provides an overview of the nuclear weapon companies in which Gryphon International Investmebt Corporation owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 3         Shareholdings of Gryphon International Investmebt Corporation

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Serco United States 1.27 55.71 28-Nov-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Ontario Teachers’ Pension Plan Board

Ontario Teachers’ Pension Plan Board currently has an estimated USD$ 54.80 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 4 provides an overview of the nuclear weapon companies in which Ontario Teachers’ Pension Plan Board owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 4         Shareholdings of Ontario Teachers’ Pension Plan Board

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Rockwell Collins United States 0.64 54.80 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Power Corporation of Canada

Power Corporation of Canada currently has an estimated USD$ 888.54 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 5 provides an overview of the nuclear weapon companies in which Power Corporation of Canada owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 5         Shareholdings of Power Corporation of Canada

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
General Dynamics United States 0.64 159.76 31-Mar-2013 until 30-Apr-2013
Honeywell International United States 0.74 437.28 31-Mar-2013
Northrop Grumman United States 1.41 232.23 31-Mar-2013
Rockwell Collins United States 0.50 43.27 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Table 6 provides an overview of the nuclear weapon companies in which Power Corporation of Canada owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 6         Bondholdings of Power Corporation of Canada

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
Rockwell Collins United States 2.13 16.00 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

Royal Bank of Canada

Royal Bank of Canada currently has an estimated USD 941.25 million invested or available for the nuclear weapon producers identified in this report.

Loans

In October 2010, Alliant Techsystems secured a USD 1,000 million five-year credit facility, comprising a USD600 million revolver and a USD400 million term loan. The proceeds were used for refinancing, to increase working capital and to finance capital expenditures and acquisitions. Royal Bank of Canada was part of the syndicate of 20 banks and provided USD 70 million.[iii]

In September 2012, Alliant Techsystems secured a USD 200 million five-year credit facility at a base rate of LIBOR+225.000bps. The proceeds were used for refinancing and for general corporate purposes. Royal Bank of Canada participated in the syndicate of 13 banks and provided an estimated USD 13 million.[iv]

In March 2010, Boeing secured a credit facility with a value of USD 865 million, due October 2011. The proceeds were used for general corporate purposes. Royal Bank of Canada participated in the 12-bank syndicate, committing an amount of USD 50 million.[v]

In November 2010, Boeing secured a one-year revolving credit facility with a value of USD 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Royal Bank of Canada was part of the syndicate of 37 banks, participating with an estimated amount of USD 40.7 million.[vi]

In November 2011, Boeing entered into a USD 4,600 million revolving credit facility. The facility was split in two tranches: a one-year USD 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year USD 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Royal Bank of Canada participated in the syndicate of 35 banks, providing an estimated amount of USD 83.6 million.[vii]

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (USD 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Royal Bank of Canada participated in the 39-bank syndicate, committing an estimated amount of USD 111.4 million.[viii]

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of USD 2,800 million. The proceeds were used for general corporate purposes. Royal Bank of Canada participated in the 29-bank syndicate, committing anamount of USD 100 million.[ix]

In April 2012, Honeywell International secured a USD 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. Royal Bank of Canada participated in the 16-bank syndicate, committing an estimated amount of USD 182.1 million.[x]

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of USD 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Royal Bank of Canada participated in the 21-bank syndicate, committing anamount of USD 55 million.[xi]

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (USD 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Royal Bank of Canada participated in the 23-bank syndicate, committing an estimated amount of USD 46.3 million.[xii]

Investment banking

In September 2010, Alliant Techsystems issued 6.875% ten-year bonds for USD 350 million. The proceeds were used for general corporate purposes and to reduce indebtedness. Royal Bank of Canada, part of the seven-bank syndicate, underwrote USD 18 million.[xiii]

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of USD 750 million. The issue was split in two tranches: a USD 500 million 2.125% tranche due August 2016 and a USD 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Royal Bank of Canada participated in the syndicate of 31 banks, underwriting an amount of USD 15 million.[xiv]

In April 2013, Boeing issued bonds with a total value of USD 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. RBC Capital Markets, a subsidiary of Royal Bank of Canada, participated in the syndicate of 26 banks, underwriting an estimated amount of USD 4 million.[xv]

In September 2011, Lockheed Martin issued bonds with a total value of USD 2,000 million. The issue was split in three tranches: a USD 500 million 2.125% tranche due September 2016, a USD 900 million 3.350% tranche due September 2021 and a USD 600 million 4.850% tranche due September 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. RBC Capital Markets, a subsidiary of Royal Bank of Canada, participated in the 15-bank syndicate,underwriting anamount of USD 10 million.[xvi]

Asset management

Table 205 provides an overview of the nuclear weapon producing companies in which Royal Bank of Canada owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 7         Shareholdings of Royal Bank of Canada

Company Country % of all outstanding shares Value (USD mln) Filing date (range)
Babcock International United Kingdom 1.19 69.86 27-Feb-2013
Fluor United States 0.68 73.29 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Scotia Bond Co

Scotia Bond Co currently has an estimated USD$ 33.30 million invested or available for the nuclear weapons producers identified in this report.

Investment banking

In March 2011, Huntington Ingalls Industries issued bonds with a total value of US$ 1,200 million. The issue was split in two tranches: a US$ 600 million7.125% tranche due March 2021 and a US$ 600 million6.875% tranche due March 2016. The proceeds were used for general corporate purposes. Scotia Bond Co participated in the 13 bank syndicate,underwriting an estimated amount of US$ 33.3 million.[xvii]

Scotiabank

Scotiabank currently has an estimated USD$ 1,176.70 million invested or available for the nuclear weapons producers identified in this report.

Loans

In September 2010, Aecom secured a US$600 million four-year term credit agreement at a base rate of LIBOR+250.000bps. The proceeds were used for general corporate purposes, to increase working capital, for refinancing and acquisition needs. Under the credit agreement, Aecom borrowed US$ 600 million in term loans and may borrow up to an additional $100 million in term loans upon request subject to certain conditions. Scotiabank was part of the ten bank syndicate and provided an estimated US$ 45 million.[xviii]

In June 2013, Aecom entered into a US$ 750 million five-year term loan at a base rate of LIBOR+150.000bps, a second amendment to an existing credit agreement from 2010. The proceeds were destined for capital expenditures, to repay all obligations owing under the existing credit agreement, and for other general corporate purposes. Scotiabank was part of the 24 bank syndicate and participated with an estimated US$ 20 million.[xix]

In May 2010, Babcock & Wilcox Investment Company, a subsidiary of Babcock & Wilcox, secured a four-year revolving credit facility with a value of US$ 700 million at a base rate of LIBOR+250.000bps. The proceeds were used for working capital, capital expenditure, refinancing and general corporate purposes. Scotiabank was part of the 17 bank syndicate, committing an estimated amount of US$ 28 million.[xx]

In June 2012, Babcock & Wilcox secured a US$ 700 million five-year credit facility at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing and general corporate purposes. Scotiabank was part of the syndicate of 17 banks, participating with US$ 25 million.[xxi]

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Scotiabank was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.[xxii]

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Scotiabank participated in the syndicate of ten banks, providing an estimated amount of US$ 150 million.[xxiii]

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Scotiabank participated in the 22 bank syndicate of the 2016 loan, committing an estimated amount of US$ 35.5 million.[xxiv]

In March 2011, Huntington Ingalls Industries entered into a US$ 1,225 million credit facility. The facility was split in two tranches: a US$ 650 million revolving credit facility due January 2016 at a base rate of LIBOR+300.000bps and a US$ 575 million term loan due January 2017 at a base rate of LIBOR+325.000bps. The proceeds were used for general corporate purposes. Scotiabank participated in the syndicate of 20 banks, providing an estimated amount of US$ 45.9 million.[xxv]

In March 2012, Jacobs Engineering entered into a US$ 1,160 million revolving credit facility due March 2017 at a base rate of LIBOR+87.500bps. The proceeds were used for general corporate purposes. Scotiabank participated in the eight bank syndicate, committing an estimated amount of US$ 139.2 million.[xxvi]

In September 2011, Northrop Grumman secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+75.000bps. The facility was divided in two tranches: a US$ 500 million tranche due September 2012 and a US$ 1,500 million tranche due September 2016. The proceeds were used for general corporate purposes. Scotiabank participated in the 11 bank syndicate, committing an estimated amount of US$ 171.4 million.[xxvii]

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Scotiabank participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.[xxviii]

In March 2011, SAIC signed a US$ 750 million revolving credit facility due March 2015 at a base rate of LIBOR+120.000bps. The proceeds were used for general corporate purposes and refinancing of a 2007 loan. Scotiabank was part of the syndicate of nine banks, participating with an estimated amount of US$ 64.3 million.[xxix]

In February 2012, SAIC entered into a US$ 750 million revolving credit facility due February 2016 at a base rate of LIBOR+120.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Scotiabank was part of the syndicate of six banks, participating with an estimated amount of US$ 112.5 million.[xxx]

In April 2013, SAIC secured a US$ 750 million revolving credit facility due April 2017 at a base rate of LIBOR+120.000bps. The proceeds were used for refinancing bank debt. Scotiabank was part of the syndicate of six banks, participating with an estimated amount of US$ 112.5 million.[xxxi]

Investment banking

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of 3.375% due September 2021. The proceeds were used for general corporate purposes. Scotia Capital, a subsidiary of Scotiabank, participatedin the syndicate of 17 banks, underwriting an amount of US$ 15 million.[xxxii]

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million 1.375% tranche due January 2015, a US$ 500 million 2.250% tranche due July 2016 and a US$ 500 million 3.875% tranche due July 2021. The proceeds were used for general corporate purposes. Scotia Capital, a subsidiary of Scotiabank, participated in the 21 bank syndicate,underwriting an amount of US$ 15 million.[xxxiii]

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million 2.250% tranche due November 2022, a US$ 900 million 1.000% tranche due November 2017 and a US$ 500 million 3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. Scotia Capital, a subsidiary of Scotiabank, participated in the 18 bank syndicate,underwriting an amount of US$ 60 million.[xxxiv]

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million 3.250% tranche due August 2023, a US$ 950 million 4.750% tranche due June 2043 and a US$ 850 million 1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. Scotia Capital, a subsidiary of Scotiabank, participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.[xxxv]

In December 2010, SAIC issued bonds with a total value of US$ 750 million. The issue was split in two tranches: a US$ 450 million 4.450% tranche due December 2020 and a US$ 300 million 5.950% tranche due December 2040. The proceeds were used for repurchasing additional shares of common stock and general corporate purposes. Scotia Capital, a subsidiary of Scotiabank, participated in the ten bank syndicate,underwriting an estimated amount of US$ 26.8 million.[xxxvi]

Toronto-Dominion Bank (Canada)

Toronto-Dominion Bank currently has an estimated USD$ 928.34 million invested or available for the nuclear weapons producers identified in this report.

Loans

In June 2012, Babcock & Wilcox secured a US$ 700 million five-year credit facility at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing and general corporate purposes. Toronto-Dominion was part of the syndicate of 17 banks, participating with US$ 50 million.[xxxvii]

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Toronto-Dominion was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.[xxxviii]

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Toronto-Dominion Bank participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.[xxxix]

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Toronto-Dominion Bank participated in the 21 bank syndicate, committing an estimated amount of US$ 37.5 million.[xl]

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Toronto-Dominion Bank participated in the 22 bank syndicate, committing an estimated amount of US$ 78.1 million.[xli]

In June 2013, General Dynamics entered into a US$ 1,000 million revolving credit facility due June 2018 at a base rate of LIBOR+87.500bps. The proceeds were used for refinancing. Toronto-Dominion Bank participated in the seven bank syndicate, committing an estimated amount of US$ 142.9 million.[xlii]

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. Toronto-Dominion Bank participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.[xliii]

In March 2011, Huntington Ingalls Industries entered into a US$ 1,225 million credit facility. The facility was split in two tranches: a US$ 650 million revolving credit facility due January 2016 at a base rate of LIBOR+300.000bps and a US$ 575 million term loan due January 2017 at a base rate of LIBOR+325.000bps. The proceeds were used for general corporate purposes. Toronto-Dominion Bank participated in the syndicate of 20 banks, providing an estimated amount of US$ 45.9 million.[xliv]

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Toronto-Dominion Bank participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.[xlv]

Investment banking

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million 1.375% tranche due January 2015, a US$ 500 million 2.250% tranche due July 2016 and a US$ 500 million 3.875% tranche due July 2021. The proceeds were used for general corporate purposes. TD Securities, a subsidiary of Toronto-Dominion Bank, participated in the 21 bank syndicate,underwriting an amount of US$ 30 million.[xlvi]

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million 2.250% tranche due November 2022, a US$ 900 million 1.000% tranche due November 2017 and a US$ 500 million 3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. TD Securities, a subsidiary of Toronto-Dominion Bank, participated in the 18 bank syndicate,underwriting an amount of US$ 72 million.[xlvii]

In March 2011, Huntington Ingalls Industries issued bonds with a total value of US$ 1,200 million. The issue was split in two tranches: a US$ 600 million 7.125% tranche due March 2021 and a US$ 600 million 6.875% tranche due March 2016. The proceeds were used for general corporate purposes. TD Securities, a subsidiary of Toronto-Dominion Bank, participated in the 13 bank syndicate,underwriting an estimated amount of US$ 33.3 million.[xlviii]

Asset management

Table 7 provides an overview of the nuclear weapon companies in which Toronto-Dominion Bank owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 8         Bondholdings of Toronto-Dominion Bank

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
Alliant Techsystems United States 0.79 4.34 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

References

[i]       Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[ii]       Thomson ONE Banker, “Tearsheet 2784451116 and 2784452116”, Thomson ONE Banker(www.thomsonone.com), 19 October 2011.

[iii]        Thomson ONE Banker, “Tearsheet 2632374115”, Thomson ONE Banker (www.thomsonone.com), 7 October 2010; Alliant Techsystems, “United States Securities and Exchange Commission: Form 8-K”, Alliant Techsystems, 7 October 2010 (www.sec.gov/Archives/edgar/data/866121/000110465910052198/a10-19273_18k.htm).

[iv]         Thomson ONE Banker, ”Tearsheet 2887915115”, Thomson ONE Banker (www.thomsonone.com), 3 September 2012; Alliant TechSystems, “United States Securities and Exchange Commission: Form 8-K”, Alliant Techsystems, 5 September 2012 (www.sec.gov/Archives/edgar/data/866121/000110465912061948/a12-20358_18k.htm).

[v]         Thomson ONE Banker, “Tearsheet 2566490115”, Thomson ONE Banker (www.thomsonone.com), 17 March 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[vi]        Thomson ONE Banker, “Tearsheet 2645490115″, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010.

[vii]        Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker(www.thomsonone.com), 25 November 2011.

[viii]       Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[ix]        Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[x]         Thomson ONE Banker, “Tearsheet 2835497116Thomson ONE Banker (www.thomsonone.com), 02 April 2012.

[xi]        Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011.

[xii]        Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[xiii]       Thomson ONE Banker, “Tearsheet 2218736001”, Thomson ONE Banker (www.thomsonone.com), 8 September 2010; Alliant Techsystems, “ATK announces closing of $350.0 million 6 7/8% senior subordinated notes offering”, Alliant Techsystems, 13 September 2010 (www.atk.com/news-releases/atk-announces-closing-of-350-0-million-6-78-senior-subordinated-notes-offering/).

[xiv]       Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker(www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011.

[xv]        Thomson ONE Banker, “Tearsheet 2517586001Thomson ONE Banker (www.thomsonone.com), 30 April 2013.

[xvi]       Lockheed Martin, “Prospectus supplement: $500,000,000 2.125% Notes Due 2016, $900,000,000 3.350% Notes Due 2021, $600,000,000 4.850% Notes Due 2041”, Lockheed Martin, 6 September 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=1&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheets 2342467001, 2342508001 and 2342509001”, Thomson ONE Banker(www.thomsonone.com), 6 September 2011.

[xvii]     Thomson ONE Banker, “Tearsheet 2281859006 and 2286742006”, Thomson ONE Banker(www.thomsonone.com), 04 March 2011.

[xviii]    Thomson ONE Banker, ”Tearsheet 2624708115”, Thomson ONE Banker (www.thomsonone.com), 15 September 2010; AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 8-K”, AECOM Technology Corporation, 16 September 2010 (www.sec.gov/Archives/edgar/data/868857/000110465910049499/a10-18203_18k.htm); AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 10-Q”,AECOM Technology Corporation, 30 June 2011 (edgar.secdatabase.com/2765/110465911044335/filing-main.htm).

[xix]     Thomson ONE Banker, ”Tearsheet 2987265115”, Thomson ONE Banker (www.thomsonone.com), 7 June 2013; AECOM Technology Corporation, “United States Securities and Exchange Commission: Second amended and restated credit agreement”, AECOM Technology Corporation, 7 June 2013 (www.sec.gov/Archives/edgar/data/868857/000110465913049042/a13-14922_1ex10d1.htm).

[xx]      Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2582202115”, Thomson ONE Banker (www.thomsonone.com), 30 April 2010; Babcock & Wilcox, “Credit Agreement dated as of May 3, 2010”, Babcock & Wilcox, 3 May 2010; Babcock & Wilcox, “Annual Report 10K”, Babcock & Wilcox, March 2011 (phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDIwMTc5fENoaWxkSUQ9NDMzNjMzfFR5cGU9MQ==&t=1).

[xxi]     Thomson ONE Banker, “ Tearsheet 2855248115”, Thomson ONE Banker (www.thomsonone.com), 8 June 2012; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Wilson, J., “Babcock & Wilcox amends $700M credit facility”, Website Charlotte BusinessJournal, 11 June 2012 (www.bizjournals.com/charlotte/news/2012/06/11/babcock-wilcox-amends-700m-credit.html); Babcock & Wilcox, “Amended and restated credit agreement”,Babcock & Wilcox, 8 June 2012 (www.sec.gov/Archives/edgar/data/1486957/000119312512268208/d365304dex101.htm).

[xxii]     Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011..

[xxiii]    Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker(www.thomsonone.com), 14 December 2010.

[xxiv]    Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker(www.thomsonone.com), 14 July 2011.

[xxv]     Thomson ONE Banker, “Tearsheet 2710668116 and 2710669116”, Thomson ONE Banker(www.thomsonone.com), 31 March 2011.

[xxvi]    Thomson ONE Banker, “Tearsheet 2833952116Thomson ONE Banker (www.thomsonone.com), 23 March 2012.

[xxvii]    Northrop Grumman, “Second Amended and Restated Credit Agreement dated as of September 8, 2011”, Northrop Grumman, 8 September 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheet 2770737115”, Thomson ONE Banker (www.thomsonone.com), 8 September 2011.

[xxviii]   Thomson ONE Banker, “Tearsheet 2886058116Thomson ONE Banker (www.thomsonone.com), 04 September 2012.

[xxix]    Thomson ONE Banker, “Tearsheet 2705580116Thomson ONE Banker (www.thomsonone.com), 11 March 2011.

[xxx]     Thomson ONE Banker, “Tearsheet 2825224116Thomson ONE Banker (www.thomsonone.com), 17 February 2012.

[xxxi]    Thomson ONE Banker, “Tearsheet 2969555116Thomson ONE Banker (www.thomsonone.com), 19 April 2013.

[xxxii]    Thomson ONE Banker, “Tearsheet 2343193001Thomson ONE Banker (www.thomsonone.com), 08 September 2011.

[xxxiii]   General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011.

[xxxiv]   Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker(www.thomsonone.com), 01 November 2012.

[xxxv]    Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker(www.thomsonone.com), 28 May 2013.

[xxxvi]   Thomson ONE Banker, “Tearsheet 2248683006 and 2248855006”, Thomson ONE Banker(www.thomsonone.com), 13 December 2010.

[xxxvii]   Thomson ONE Banker, “ Tearsheet 2855248115”, Thomson ONE Banker (www.thomsonone.com), 8 June 2012; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Wilson, J., “Babcock & Wilcox amends $700M credit facility”, Website Charlotte BusinessJournal, 11 June 2012 (www.bizjournals.com/charlotte/news/2012/06/11/babcock-wilcox-amends-700m-credit.html); Babcock & Wilcox, “Amended and restated credit agreement”,Babcock & Wilcox, 8 June 2012 (www.sec.gov/Archives/edgar/data/1486957/000119312512268208/d365304dex101.htm).

[xxxviii] Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013.

[xxxix]   Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[xl]      Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[xli]      Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker(www.thomsonone.com), 14 July 2011.

[xlii]     Thomson ONE Banker, “Tearsheet 2988333116Thomson ONE Banker (www.thomsonone.com), 21 June 2013.

[xliii]     Thomson ONE Banker, “Tearsheet 2835497116Thomson ONE Banker (www.thomsonone.com), 02 April 2012.

[xliv]     Thomson ONE Banker, “Tearsheet 2710668116 and 2710669116”, Thomson ONE Banker(www.thomsonone.com), 31 March 2011.

[xlv]     Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011.

[xlvi]     General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011.

[xlvii]    Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker(www.thomsonone.com), 01 November 2012.

[xlviii]    Thomson ONE Banker, “Tearsheet 2281859006 and 2286742006”, Thomson ONE Banker(www.thomsonone.com), 04 March 2011.

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).