Companies Tap Bonds for Social Impact During Coronavirus

大流行和始于全球范围内的社会抗议活动都揭示了有关种族不公正，社会不平等和环境问题的坚硬真理。许多公司都做出了回应，以支持对艰苦和脆弱人群的救济以及环境，社会和治理（ESG）倡议，并通过发行数十亿美元的可持续性债券来使投资者参与其中。金博宝怎么注册

利他主义是越来越多的证据表明，考虑到可持续性的企业和投资者最终会降低风险和更好的回报。金博宝怎么注册“人们认为，具有良好ESG特征的公司将优于表现，尤其是在关注尾巴风险的环境中，”梅利莎·詹姆斯, Managing Director and Vice Chairman of Global Capital Markets at Morgan Stanley. “COVID-19 has made corporates pay more attention to the ‘S’ component of the ESG equation and social issues such as continuity planning, health benefits, managing supply-chain disruptions and equitable access to resources and opportunities.”

Companies, such as U.S.-based Alphabet and Pfizer and Cassa Depositi e Prestiti of Italy, for example, have issued more than $8 billion in such bonds, underwritten by Morgan Stanley.

更广泛的需求

Data show that during this pandemic, companies with higher ESG rankings had stronger financial performance,1许多公司和投资者越来越多地将可持续性视为关键绩效因素的原因之一。金博宝怎么注册发行债券资助旨在民主化获得医疗保健，为小型企业提供财务支持或减少碳排放的债券是公司表现出对ESG问题的承诺的一种方式，这些方式也可以被视为企业风险或机会。近年来，债务的债务越来越受欢迎，尤其是在公司中，该公司在2019年将其在可持续性债券市场的份额从前一年的5.9％增加到了25％。金博宝怎么注册2Issuance volume surged to $48 billion last year, compared to $16 billion in 2018.3

To a large extent, the coronavirus pandemic has paved the way for a rise in sustainable bond offerings, especially of interest to issuers and investors because of their social impact component. In April, new sustainability bonds totaled $19.4 billion, marking the first calendar month that this type of debt issuance surpassed offerings of green bonds, which totaled $16.8 billion.4传统上，由于组织致力于气候变化和缓解，绿色债券一直是一种更受欢迎的资产。

Corporations aren’t the only types of issuers focusing on social impact: Earlier this year, large privatefoundationssuch as the Ford Foundation, Doris Duke Charitable Foundation and the MacArthur Foundation offered social bonds, which they’re using for the first time to increase grant-making to smaller nonprofits struggling because of the pandemic.

Sustainable Investing Performance

Partially fueling demand for bonds that fund social or environmental projects is thegrowing popularity的sustainable investingamong asset owners, who perceive the potential for attractive financial performance alongside positive impact on the planet or society, just as regulations are driving greater disclosures on ESG factors.

Performance data compiled during thepandemichas only strengthened the case for sustainable investing. For businesses ranked by ESG scores, those in the top 20% performed better than the broader market during the second quarter of 2020,5while bond spreads of the lowest ESG-rated companies widened more than those of higher-ranked peers in March through June, compared to before the pandemic.6

As more investors take note of such outperformance, corporate issuers have begun marketing their sustainable and social bonds as a way for portfolio managers to target social causes and earn yields that are higher than what long-term government bonds offer.

In August, for example, Alphabet issued the largest-ever corporate sustainable financing with a $5.75 billion issuance of sustainability bonds as part of an overall $10 billion offering, underwritten by Morgan Stanley. The use of proceeds ranged from projects such as energy efficiency and green buildings to social projects including affordable housing, commitment to racial equality and support for small businesses during COVID-19.7

3月，辉瑞（Pfizer）发行了由摩根士丹利（Morgan Stanley）承销金博宝怎么注册的12.5亿美元的可持续性保证金，这是任何生物制药公司的第一家。收益将支持增加患者使用辉瑞的药物和疫苗，尤其是在服务不足的人群中，减轻药物制造商的气候影响以及减少废物从制造其药物和疫苗而减少。8In April, Italian investment bank CDP issued a €1 billion social bond, for which Morgan Stanley served as joint lead manager and joint book runner, to help local businesses access credit and public administrations strengthen capacity for healthcare services.9

詹姆斯说：“共同的19日大流行和社会平等运动已经阐明了公司面临的潜在风险的广度，它们将导致ESG加速。”“将有更多的公司倾向于利用可持续性债券发行，我们坚信社会因素将继续被视为物质风险。”金博宝怎么注册