Social and Sustainability-Linked Bonds

Sustainable Finance

Social and Sustainability-Linked Bonds

Social bonds are a financing option whereby funds are allocated to social projects in order to achieve a positive social impact. Through sustainability-linked bonds, issuers undertake to improve certain indicators in order to ensure a greater sustainability level.

The 2020 pandemic-related crisis was decisive for the affirmation of social bonds and sustainability-linked bonds as instruments for financing social impact projects and facilitating improvements to sustainability indicators. Investors have been increasingly looking for these instruments because of the impact they generate and their transformational nature.

VdA has assisted a number of high-profile initiatives in this area, in particular with regard to investment funds and structures focused on social projects whose investment policies are defined accordingly.


  • Drafting and reviewing social bonds and sustainability-linked bonds prospectuses
  • Advising on how to structure and set up investment funds focused on social investment
  • Assisting in the creation of frameworks for social bonds and sustainability-linked bonds
  • Drafting and negotiating loan agreements in connection with social loan principles
  • Development and implementation of training programs
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