MySustainableCorner – September 2025

This month in a nutshell

• Social bonds are intended to finance projects with a positive social impact, such as affordable housing, education, and access to healthcare. They require issuers to provide total transparency regarding the use of funds (measurability), thus giving investors the opportunity to contribute to tangible changes.
• In a disrupted economic context, marked by unemployment and pressure on healthcare systems, social risks have gained significance. 2020, marked by Covid-19, witnessed a spectacular expansion of social bonds, with issuances rising from €9 bn in 2019 to €115 bn in 2020. In this new environment, supranational institutions, which accounted for 40% of issuances, along with banks and government agencies, particularly stand out.
• Banks play a crucial role in the development of the social economy, representing 26% of social bond issuances in 2024. Their bonds target high-impact projects, such as affordable housing, support for SMEs, education, and healthcare infrastructure. In doing so, they contribute to strengthen economic resilience and social inclusion.
• Motability Operations (United Kingdom) assists individuals with disabilities by converting standard vehicles into adapted vehicles. These adaptations enable users to gain mobility and independence. Its latest issuance financed over 370,000 new vehicles for disabled beneficiaries in 2024. Thanks to specific modifications, such as access ramps and adapted driving systems, beneficiaries can easily access their vehicles and travel comfortably.

Chart of the month

Social bond issuances by country (in €M)

In 2024, France, Japan, and South Korea account for 51% of social bond issuances. Following a significant increase in their issuances due to the Covid-19 pandemic, supranational institutions have considerably reduced their issuance volume.

Source: Bloomberg, September 2025