By Stephen Nakrosis

Truist Financial Corp. on Tuesday said it issued its first social bond, with an aggregate principal amount of $1.25 billion.

The company said it received participation from more than 120 investors, adding the order book was oversubscribed by 2.7 times.

Net proceeds will go to "support new and existing eligible social programs, including investments in affordable housing and enhancements to essential nonprofit services for communities in need," the company said.

Tori Kaplan, head of Truist Corporate Social Responsibility, said, "This first social bond marks a significant milestone in our overall ESG commitment and our journey to advancing equity in the communities we serve."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

March 02, 2021 18:35 ET (23:35 GMT)

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