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German state lender LBBW issues €500M social bond

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German state lender LBBW issues €500M social bond

Landesbank Baden-Württemberg has issued a senior nonpreferred bond with a volume of €500 million and maturity of eight years aimed at refinancing projects adding social value, the German state-owned bank said Sept. 26.

This is the first own social bond issue of LBBW and it will be targeted at projects in the healthcare and social work sectors, the bank said. Other potential refinancing candidates would be municipal infrastructure and public transport projects as well as initiatives supporting nurseries, schools and vocational training.

LBBW's total social bond portfolio currently stands at €2.7 billion, according to the bank.