Morgan Stanley Continues Commitment to Sustainable Investing with Social Bond to Support Affordable Housing
October 21 2020 - 2:30PM
Business Wire
Morgan Stanley (NYSE: MS) announced today the issuance of a $1
billion social bond to support affordable housing projects, the
latest step in the Firm’s ongoing strategy to advance market-based
solutions to address sustainability challenges. This issuance
follows the inaugural green bond issued by Morgan Stanley in 2015,
which supported various renewable energy and energy efficiency
projects.
Morgan Stanley intends to allocate an amount equal to the net
proceeds of the social bond to affordable housing projects, which
aim to provide housing at affordable rates to low- or
moderate-income individuals and/or families in the United
States.
“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,” said Morgan Stanley
Treasurer John Ryan. “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.”
Morgan Stanley’s inaugural 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. The Firm also has a track record of issuing and
supporting innovative bonds that raise capital for positive
environmental and societal impact. In 2013, the Firm helped support
the first ever corporate green bond and in 2017, the Firm priced
the first public market bond deal for a community development
financial institution (CDFI) to help advance economic opportunity
in underserved neighborhoods around the United States.
“Morgan Stanley has a long standing commitment to harnessing the
capital markets to strengthen communities and create opportunity,”
said Tom Nides, Managing Director and Vice Chairman of Morgan
Stanley. “Financial innovations like the Morgan Stanley Social Bond
are an important part of the solution to bring capital at scale to
address critical challenges, including the growing need for
affordable housing in our communities.”
Morgan Stanley's Social Bond Framework, designed in-line with
the International Capital Market Association’s Social Bond
Principles, 2020, outlines the process through which the projects
are selected, with the aim of helping to ensure that the Morgan
Stanley social bond operates with high levels of transparency and
disclosure. Morgan Stanley appointed an independent second-party
opinion provider to review the Social Bond Framework and this
social bond. Project updates and impact-focused reporting for this
issuance will be made available on a dedicated website.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm
providing investment banking, securities, investment management and
wealth management services. With offices in more than 41 countries,
the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
About the Institute for Sustainable Investing
The Morgan Stanley Institute for Sustainable Investing (The
Institute) builds scalable finance solutions that seek to deliver
competitive financial returns while driving positive environmental
and social impact. Founded in 2013, The Institute creates
innovative financial products, thoughtful insights and capacity
building programs that help maximize capital to create a more
sustainable future. For more information about the Morgan Stanley
Institute for Sustainable Investing, visit
www.morganstanley.com/sustainableinvesting.
Please note that there is currently no legal, regulatory or
similar definition of what constitutes a “social” bond or as to
what precise attributes are required for a particular issuance to
be defined as “social.” Without limiting any of the statements
contained herein, Morgan Stanley makes no representation or
warranty as to whether a bond constitutes a social bond, unless
otherwise specified by Morgan Stanley, or whether a bond conforms
to investor expectations or objectives for investing in social
bonds. For information on characteristics of a specific social
bond, use of proceeds, a description of applicable projects and/or
any other relevant information about the bond, please reference the
offering documents for the bond.
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(hereinafter "Morgan Stanley") has been prepared for informational
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CRC 3294579 10/2020
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Morgan Stanley Media Relations: Gaston Terrones Dimant,
Gaston.Terrones.Dimant@morganstanley.com
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