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NYC Preps Inaugural ‘Social’ Bonds as Part of $1.4 Billion Debt Sale

  • Deal includes $400 million of taxable debt for housing
  • Investors bought $50 billion in new muni ESG debt last year

New York City plans to sell about $1.4 billion of debt next month, in part to address its deepening housing crisis. The deal includes $400 million of taxable debt that will be the city’s first-ever issuance of bonds explicitly earmarked to tackle social issues.

Proceeds from these social bonds are expected to finance more than 3,000 units of affordable housing, according to a press release Tuesday from Mayor Eric Adams’s office. The remaining $950 million will be sold as tax-exempt debt, and will be used for general capital purposes.