European financial services group Societe Generale announced the issuance of its inaugural €1 billion social positive impact bond, with proceeds aimed at financing or refinancing projects contributing to socioeconomic advancement and empowerment, affordable housing, access to education, professional training, and healthcare.

The issuance follows a green bond €1.5 billion covered green bond offering by Societe Generale earlier this week.

The new social bond is structured as a senior non preferred bond with a maturity of 6 years, which can be called after 5 years. The offering attracted an order book exceeding €2.1 billion raised from over 110 investors.

Projects financed by the new social bond will be selected in accordance with the company’s Sustainable and Positive Impact Bond Framework, which highlights eligible categories for investment, including Social and Solidarity Economy (SSE) enterprises pursuing a social utility, with objectives to provide support to vulnerable population groups, projects involved in the development and construction, renovation, and maintenance of social housing projects, projects fostering the development and access to education to all, as well as projects fostering the development and access to healthcare to all.

Social bonds have been one of the fastest-growing segments of the rapidly expanding sustainable finance market, with issuance in 2020 surging 7-fold over the prior year, and global year-to-date volumes as of the end of Q3 already surpassing last year’s total, according to a recent report from Moody’s ESG.