Citibank customers take note: Citi Sells $1 Billion Social Bond After Agreeing to Race Audit

From Bloomberg Law:

Citigroup Inc. returned to the social bond market with a $1 billion deal just days after it became the first Wall Street bank to agree to audit its business to determine if and how it contributes to racial discrimination.

The social bond is maturing in four years and is part of a $4 billion, three-part transaction, according to a person with knowledge of the matter. The longest portion of the overall offering, a $1.25 billion 21-year security, yields 0.98 percentage point above Treasuries, after initial discussions of around 1.2 percentage points, said the person, who asked not to be identified as the details are private.

The bank last week agreed to do a deep dive into its business to see if, and how, it contributes to racial discrimination. The audit will focus on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S., where the average net worth of a White family is nearly ten times higher than that of a Black family.

The debt will be Citigroup’s second syndicated social bond after it sold $2.5 billion in October last year — the largest-ever deal of its kind from the private sector — to help fund the construction, rehabilitation and preservation of affordable housing for low-and moderate-income populations in the U.S. Its social bonds are meant to support lending to social inclusive businesses across the bank’s emerging-market footprint, the person said in relation to Wednesday’s deal.

Continue reading Citi Sells $1 Billion Social Bond After Agreeing to Race Audit on Bloomberg Law

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