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On October 20, the European Union crowned a triumphant year for the social bond market when it raised €17 billion of financing for its Covid-19 employment mitigation programme.
That took total issuance this year to roughly $80 billion, nearly three times the amount sold in 2019.
Social bonds have been around for a while. French industrial group Air Liquide issued a ‘socially responsible bond’ in 2012, and principles for issuance were published by the International Capital Market Association (Icma) two years later.
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