By Stephen Nakrosis

 

Morgan Stanley said Wednesday it issued a $1 billion social bond which would support projects providing affordable housing to low- and moderate-income individuals and families in the U.S.

The company said it plans to allocate an amount equal to the bond's net proceeds to affordable housing projects in the U.S.

The company said its first social bond "is part of the firm's decade-long leadership in sustainable finance, which includes the Morgan Stanley Institute for Sustainable Investing, established in 2013 to accelerate the mainstream adoption of sustainable investing."

John Ryan, the company's treasurer, said "As the Covid-19 pandemic has unduly burdened many of our most vulnerable communities, affordable housing for individuals and families has never been more critical," and added "The proceeds from this offering will help deliver and preserve housing solutions across the United States, and empower investors to make a positive social impact."

 

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

 

(END) Dow Jones Newswires

October 21, 2020 15:12 ET (19:12 GMT)

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