JPMorgan Issues $1 Billion in Social Bonds

By Kimberly Chin

JPMorgan Chase & Co. has issued $1 billion in social bonds, an inaugural move that follows its inaugural green bond issuance last year.

The company expects the proceeds to go toward affordable housing projects.

"With a focus on boosting affordable housing, our inaugural social bond issuance builds on our leadership in the sustainable bond market and our strategy to use our business expertise to create opportunity for underserved communities," said JPMorgan's Head of Sustainability, Marisa Buchanan, in prepared remarks.

The co-managers for the bond offering are solely minority and women-owned business enterprises and service-disabled veteran-owned businesses, the company said.

The aggregate principal amount of fixed-to-floating rate notes are due 2025.

In September, JPMorgan issued $1 billion in green bonds. It plans to allocate the proceeds toward eligible green projects, which could include financing or refinancing green buildings and renewable energy projects.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

February 16, 2021 11:53 ET (16:53 GMT)

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