Social bond net proceeds fund purposeful investments in 267 affordable housing developments across 15 states
CHARLOTTE, N.C., March 2, 2022 /3BL Media/ - Truist Financial Corporation (NYSE: TFC) today announced the publication of its 2021 Social Bond Impact Report, which details the investments made from the bond proceeds and underscores the company’s commitment to advancing its environmental, social and governance (ESG) goals. In March 2021, Truist issued its first social bond for $1.25 billion, with net proceeds allocated toward new and existing eligible social programs, including investments in affordable housing to provide stability for individuals and families. This was the first social bond issued by a regional bank in the U.S.
“As a purpose-driven financial services company, the issuance of our first social bond was another example of Truist’s focus on addressing the social challenges our communities face,” said Ellen Fitzsimmons, chief legal officer and head of public affairs. “Ensuring access to adequate, safe and affordable housing is a fundamental part of our commitment to inspire and build better lives and communities, and we look forward to continuing to play a role in driving permanent, measurable change for all we serve.”
Truist’s social bond enjoyed broad participation from more than 120 investors, including high-quality ESG-dedicated portfolios, with an order book oversubscribed by 2.7 times. The social bond generated $1.248 billion in net proceeds, empowering the creation of 267 affordable housing developments and 22,000 affordable units across 15 states in the mid-Atlantic, Southeast and Texas.
Truist issued the social bond in accordance with the Truist ESG Bond Framework. More information can be found in the full Social Bond Impact Report.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by a historic merger of equals, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $541 billion as of December 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
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KEYWORDS: NYSE:TFC, Truist, Truist Financial Corporation, Social Bond Impact Report, esg