As the pandemic has gained momentum, multilateral development banks, government agencies and even the European Union have rushed to the social bond market to raise funds to support their crisis-relief efforts.
So far, however, it is a story in which western commercial banks have not played a leading role – except, of course, as advisers and bookrunners for other issuers.
This is surprising and disappointing. It has been clearly demonstrated that there is a market for these bonds, whether from public or private-sector borrowers.
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