Investors state preferences on social bonds

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

  • By Lewis McLellan
  • 23 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 Barclays 12,042.98 14 11.09%
2 JPMorgan 10,337.24 14 9.52%
3 Citi 9,260.37 15 8.53%
4 NatWest Markets 8,487.83 7 7.82%
5 HSBC 7,587.14 11 6.99%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 27,151.43 65 12.45%
2 HSBC 20,140.01 43 9.24%
3 JPMorgan 18,703.30 46 8.58%
4 Deutsche Bank 17,160.97 23 7.87%
5 Bank of America Merrill Lynch 15,557.62 48 7.13%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,577.73 42 8.84%
2 Barclays 20,703.19 33 8.10%
3 UniCredit 16,899.52 41 6.61%
4 HSBC 16,693.58 53 6.53%
5 BNP Paribas 16,072.48 29 6.29%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 48,779.09 221 7.56%
2 Citi 48,211.77 162 7.47%
3 HSBC 42,435.46 146 6.58%
4 Barclays 38,142.80 115 5.91%
5 Deutsche Bank 34,770.24 92 5.39%