Societe Generale: Success of inaugural social positive impact bond issue
Societe Generale successfully issued its first public social Positive Impact bond for EUR 1 billion.
The inaugural public bond of Societe Generale in social Positive Impact format has been issued on 25 November. It is structured as a senior non preferred bond with a maturity of 6 years, which can be called after 5 years. It attracted strong demand from investors with an order book exceeding EUR 2.1bn raised from over 110 investors, of which a vast majority are SRI investors.
This bond issue is reflective of Societe Generale’s commitment to sustainability and responsibility in financing a sustainable economy. It took place after the EUR 1.5bn green covered bond issued 2 days before. The Group has been channeling its funding towards activities with a positive social and environmental impact since its first Positive Impact Bond issue in 2015.
The proceeds of this bond will be used exclusively to finance or refinance projects contributing to socioeconomic advancement and empowerment, affordable housing, access to education and professional training and access to healthcare. These projects are selected in strict accordance with the “Sustainable and Positive Impact Bond Framework”1 published by the Bank in 2020 and updated in November 2021 to meet the most recent standards.
This methodology, independently assessed by ISS-ESG, meets the UNEP FI’s “Principles for Positive Impact Finance” requirements and are fully aligned with the ICMA’s Green, Social and Sustainability Bond Principles, as revised in 2021.
Societe Generale reaffirms with this issue its determination to commit to Positive Impact projects and contribute to financing the United Nations Sustainable Development Goals. The issuance of this bond also demonstrates Societe Generale’s commitment to drawing on its financial structuring and distribution expertise to contribute to building a sustainable bond market.
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