Investors hungry for more social bonds

The nascent social bond market is keeping the primary public sector debt market ticking over as the end of the year approaches. Demand for the new asset class is swelling, and investors are beginning to make their preferences known.

  • By Lewis McLellan, William Chambers
  • 22 Nov 2017

Investors are particularly attracted to social bonds from programmes aligned with the UN’s Sustainable Development Goals (SDGs).

“One challenge we see with social bonds is around meaningful impact reporting,” said an SRI investor. “Compared to green bonds, positive social outcomes are perhaps somewhat more context-dependent.”

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.09%
2 Citi 7,659.35 12 12.31%
3 Deutsche Bank 7,459.81 7 11.99%
4 Goldman Sachs 6,147.24 8 9.88%
5 JPMorgan 6,097.01 8 9.80%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 10.92%
2 JPMorgan 6,925.07 9 10.29%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.45%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.65%
2 JPMorgan 14,557.48 43 9.12%
3 Goldman Sachs 12,082.56 15 7.57%
4 Deutsche Bank 11,377.72 21 7.13%
5 HSBC 10,585.95 16 6.63%