Sweden's top issuer of green bonds opens the door to social debt

The biggest issuer of green bonds in Sweden is now moving into social debt, a shift that may give the securities a stronger Nordic foothold.

Kommuninvest brings "volume and credibility," said Helena Lindahl, a portfolio manager at Storebrand Asset Management. | Photo: PR: SPP

Kommuninvest I Sverige AB, which sells AAA-rated debt on behalf of Sweden’s local governments, started lending money to projects that will ultimately back social bonds. Issuance will start once the portfolio is big enough, Bjorn Bergstrand, the head of sustainability at the lender, said in an interview.

The development would provide an important platform for a category of sustainable debt that’s only just starting to take off. Issuers and investors have so far focused on the E in ESG, when looking for environmental, social and governance goals to support.

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