SDG and Capital Markets

Principles
Social and Sustainability Bond Case Studies:

Examples from Frameworks applied in Capital markets
June 2020
Disclaimer
The information contained herein has been prepared solely for informational purposes and is not intended to be and
should not be relied upon as being legal, financial, investment tax, regulatory, business or other professional advice.
Neither ICMA nor any of its members accepts responsibility or liability with respect to the information contained herein.
2
Contents
Introduction4
African Development Bank Social Bond Case Study 5
ANA HOLDINGS INC. Social Bond Case Study 7
ASICS Corporation Sustainability Bond Case Study 8
Bank of China Sustainability Bond Case Study 9
Cassa Depositi e Prestiti Social Bond Case Study 10
Council of Europe Development Bank Social Inclusion Bond Case Study 12
Crédit Mutuel Arkéa Social Bond Case Study 14
Danone Social Bond Case Study 15
Deutsche Kreditbank AG Social Bond Case Study 17
Deutsche Kreditbank AG Blue Social Bond Case Study 18
East Japan Expressway Social Bond Case Study 19
European Investment Bank Social Bond Case Study 20
Instituto de Credito Oficial Social Bond Case Study 21
Landesbank Baden-Württemberg Social Bond Case Study 25
Millicom Social Bond Case Study 26
MuniFin Social Bond Case Study 30
SFIL Group (Caisse Française de Financement Local) Social Bond Case Study 31
Shriram Transport Finance Company (SFTC) Social Bond Case Study 32
3
Introduction
This document offers a summary collection of Social and
Sustainability Bond frameworks utilized in international
capital markets. The case studies are provided to illustrate
how issuers have applied the Social Bond Principles and
Sustainability Bond Guidelines in practice. The case
studies were prepared by the Social Bond Working Group
and issuer selection was based on efforts to represent a
broad section of the market– i.e. diversity in geography,
sector, corporate or institutional mission, ownership and
frequency of issuance.
Each case study applies a common approach—outlining

the use of proceeds, type of socio-economic outcome
expected or specific social issue addressed/mitigated,
target population, SDG linkages (if any) and impact
indicators. Links to frameworks and/or impact reports
have been included where available.
The Social Bond Working Group underscores that there

are a variety of Social and Sustainability frameworks in use
beyond those highlighted in this document. The inclusion
of any particular framework in this compendium is in no
way intended as a recommendation or endorsement of
the framework, bond or issuer. Additional examples will
be added to the document over time and the Social Bond
Working Group welcomes suggestions from issuers,
investors and other market participants.
4
African Development Bank Social Bond Case Study
Type of Socio-economic
Outcome Target Population
SDG Linkages
Issuer Industry Use of Proceeds OR (for socio-economic Indicators
(if any)
Specific social issue outcomes)
addressed or mitigated
Projects with • Number of beneficiaries
strong positive • Rural electrification • Access rate to water and
social impact sanitation
• Last mile connectivity
and outcomes, • Affordable basic infrastructure
for rural communities • Reduction in infant mortality
leading (e.g. clean drinking water,
• Sustainable water rate
to poverty sanitation, transportation)
reduction and supply and sanitation • Reduction in waterborne
job creation. delivery diseases
• Electricity connectivity rate
• Living below the poverty
And projects • % population tested for
line
AfDB - African Development Bank
with positive COVID-19

social outcomes • Excluded and/or
that will help marginalized populations • Number of healthcare facilities
• Health systems with isolation capacity and
Financial Institution
alleviate the and/or communities

development equipment
impact of • Access to essential services • Vulnerable groups,
• Construction and/ • % population covered with
COVID-19 on (e.g. health and healthcare, including as a result of
or rehabilitation medical insurance
African societies education) natural disasters
of hospitals and
and economies, • Number of additional health
support
healthcare centers • Enhanced capacity to test and • People with disabilities
personnel recruited for
economic and • Enhanced infrastructure treat COVID-19 patients • Migrants and/or displaced
Covid-19
social recovery and capacity building persons
for schools • Increase in number of
and resilience, • Undereducated
ventilators
improve • Underserved
governance, • Number of intensive care unit
• Unemployed beds provided
health and
supply • Number of beneficiaries
systems and • Soft commodity finance • Access to financing and • Number of jobs created
preparedness facilities financial services
for future crises. • Access rate to financial
• Financial payment • Support to the most services
Projects systems for vulnerable households’ basic • Number of households
including but not populations needs benefiting from cash transfers
limited: or waved utility bills
Link to the
https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/AfDB_Social_Bond_Framework.pdf
Framework
Source: Social Bond Working Group Members, Company filings

5
African Development Bank Social Bond Case Study (contd)
Type of Socio-economic
Outcome Target Population
SDG Linkages
Issuer Industry Use of Proceeds OR (for socio-economic Indicators
(if any)
Specific social issue outcomes)
Projects with
strong positive • Number of beneficiaries
social impact • Social housing • Affordable housing
and outcomes, • Number of jobs created
leading
to poverty
reduction and • Number of beneficiaries
job creation.
• Number of SMEs protected
• Small and Medium • Living below the poverty through tax relief
And projects
Enterprises and value line • Number of jobs created and/
AfDB - African Development Bank
with positive
social outcomes chain financing • Employment generation • Excluded and/or or protected through business
that will help • Youth employment marginalized populations relief initiative
alleviate the programs; and/or communities • Number of people trained

impact of • Vulnerable groups, • Reduction in unemployment
COVID-19 on including as a result of rate
African societies natural disasters
and economies, • People with disabilities
support • Small-scale irrigation & • Increase in production of
economic and agriculture value chain • Migrants and/or displaced agricultural crops
• Food security (agriculture persons
social recovery • Provision of farm value chain, employment in • Number of jobs created
and resilience, infrastructure & • Undereducated
agri-business) • Increase in farmer’s income
improve agricultural inputs for • Underserved
governance, rural farmers • Reduction in rural poverty
• Unemployed
health and
supply
systems and
preparedness
for future crises. • Skills development • Socio-economic • Number of beneficiaries
for employability and advancement and • Number of jobs created
Projects entrepreneurship empowerment • Number of people trained
including but not
limited:

6
ANA HOLDINGS INC. Social Bond Case Study
Type of Socio-economic Outcome
Target Population
OR SDG Linkages
Issuer Industry Use of Proceeds (for socio-economic Indicators
Specific social issue (if any)
outcomes)
• Functions of
websites that
Website Renovation have completed
(Compliance with international W3C accessibility guidelines) universal
compatibility
• Number of
airports whose
• Persons with universal facilities
Renovation of domestic airport facilities and equipment • Access to essential services (public disabilities and equipment
1) A customer service counter (low counter) is set up at the transportation)
• Elderly have been
check-in counter. renovated
2) Lounge renovation (Installation of low counters at reception, • Number of
ANA HOLDINGS INC.
expansion of doors and passageways, establishment of passengers with

priority areas for wheelchair users, etc.) disabilities who
3) Modification of boarding gates (Increasing the width of ticket use ANA brand
Airlines
gates) flights (year-on-

year rate)
• Number of
business
establishments
that have
completed
Renovation of facilities and equipment at domestic sites universal facility
Installation of wheelchair-accessible parking spaces, and equipment
• Persons with
introduction of multifunctional toilets, and securing door and • Socioeconomic empowerment renovation
disabilities, LGBT.
passageway widths, etc.
• Ratio of
employee with
disabilities
(on Group
consolidated
basis)
Link to the Second
https://www.jcr.co.jp/download/cf0efc6a2e88df78e765eecca5fcc7cce876cc6ef592decc56/19d0140en.pdf
Party Opinion
Source: Social Bond Working Group Members, Company Website, Second Party Opinion
7
ASICS Corporation Sustainability Bond Case Study
Target Population
Social OR SDG Linkages
/Green Specific social issue (if any)
outcomes)
Research at the ASICS Institute • Eco-efficient and/or circular • Environmental
of Sport Science (incl. the adapted products, production benefits: Reduced
following) Green technologies and processes CO2 emissions based
1) Research for improving sports • Energy efficiency on SBT (Scope 3,
participation ratio of people • Pollution prevention and control group-wide, from a
with disabilities, and promoting • Athletes and 2015 base-year)
physical exercise of the elderly ordinary citizens
including the elderly, • Social benefits:
2) Joint development of foot Findings of research
disabled and
New/ Refinancing
disease care products on health promotion

children
3) Designing materials for eco- • Access to essential services and physical ability
Social
Manufacture and sales of sports good
friendly-related products (health and healthcare) improvement, and

4) Utilization and quality products and services
management, etc. of energy- developed based on
such a research
ASICS Corporation
saving production technology

• The level of care
needed that has
• Access to essential services been maintained or
Expenses for opening and (health and healthcare) improved within a
operation of Tryus, a preventive Social • Elderly certain period of time
nursing care Business • Socioeconomic advancement
and empowerment • The degree of physical
strength improvement
of the user
Equipment and construction • The number of

• Access to essential services
expense for opening ASICS Social • Children persons newly
(health and healthcare)
KIDS GINZA measured (person)
Refinancing
Extension and reconstruction

of Sanin ASICS Industry • Reduced CO2
Corporation (own plant) • Renewable energy emissions based on
Green • None SBT (Scope 1&2,
Installation of rooftop solar panels • Energy efficiency group-wide, from a
to the logistics center in the State 2015 base-year)
of Mississippi, the U.S.A.
Link to the
https://www.r-i.co.jp/en/news_release_gba/2019/03/news_release_gba_20190307_eng.pdf
Framework
Source: Social Bond Working Group Members, Company Website, Second Party Opinion 8
Bank of China Sustainability Bond Case Study
Target Population
OR SDG Linkages
outcomes)
• Affordable basic infrastructure (including clean drinking

• Affordable basic infrastructure • General Public None • Not specified
water, sewers, sanitation, transport)
• Access to essential services (including health, education

Bank of China
• Access to essential services • General Public None • Not specified

and vocational training, healthcare)
• Affordable housing (including low-rent housing, affordable • Low income

• Affordable housing None • Not specified
housing and policy tenancy housing) population
Employment generation (including through the potential • Employment generation (including

• SME financing and
effect of small and medium enterprise (SME) financing and through the potential effect of SME None • Not specified
microfinance
microfinance financing and microfinance
Link to the
https://pic.bankofchina.com/bocappd/report/202002/P020200227313118841439.pdf
Framework
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Cassa Depositi e Prestiti Social Bond Case Study
Target Population SDG
OR Linkages
Specific social issue outcomes) (if any)
• Number of hospitals and
Infrastructure and development of cities: promoting other healthcare facilities
the growth and development of the country, urban built/upgrade
transformations, infrastructures development, supporting • Number of patients and/
general-interest projects and companies involved in the supply or population of regions
of public services. served by new/upgraded
Eligibility criteria: healthcare facilities
• Activities that improve the capacity of all countries for • Number of residents
provisions of free and subsidized health care services with • People living in benefitting from basic
particular focus to the underserved areas or vulnerable • Access to essential services unserved areas infrastructure new/
populations as well as in areas upgraded which is
• Socioeconomic advancement and
• Improving access to water and sanitation services economically otherwise not accessible
Agency/Financial Institution
empowerment
underperforming
Cassa Depositi e Prestiti
• Improve existing sanitation facilities and sewers (i.e. rail transportation,

• Affordable basic infrastructure and/or devastated
• Develop quality and sustainable infrastructures for all that development road)
by natural disasters
contributes to the improvement of living conditions in urban • Percentage/size of
agglomerations and underserved areas populations provided
• Activities aimed at supporting people and disadvantaged access to clean water
groups to improve their socio-economic position and/or sanitation
• Activities that expand or maintain access to sustainable • Tonnes of clean water
transport systems provided
• Activities that improve waste management • Number of beneficiaries
• Etc.
• Disadvantaged • Number of schools built/
Education: providing access to educational facilities, as groups in the upgraded and surface
well as allowing for a successful integration of disadvantaged education system (square meters)
groups in the education system • Access to essential services • People living in • Number and type of
Eligibility criteria: unserved areas initiatives supporting
• Socioeconomic advancement and
• Activities that improve educational infrastructure as well as in areas public university education
empowerment
economically
• Activities that foster a successful integration of • Number of students
underperforming
disadvantaged groups in the education system served
and/or devastated
by natural disasters • Etc.
Link to the
https://www.cdp.it/sitointernet/en/green_social_sust_bonds.page
Framework

10
Cassa Depositi e Prestiti Social Bond Case Study (Cont’d)
OR Linkages
SMEs financing: supporting Italian employment and
economic growth through the support of areas and
populations affected by natural disasters or economically
underperforming Italian areas • Socioeconomic advancement and • Number of SMEs
Eligibility criteria: empowerment • SMEs (companies financed
• Support Italian employment employing fewer
• Employment preservation/generation • Number of employees

Cassa Depositi e Prestiti
• Improve the Italian economic growth through the support through the potential effect of SME than 250 persons) of the financed SMEs
of areas and populations affected by natural disasters or financing and microfinance (estimate)
economically underperforming Italian areas
• Support the SMEs in order to promote their growth and
international expansion
Social housing: supporting investments in this sector with the

goal of increasing the supply of social housing to people living • People living • Number of beneficiaries
without adequate housing without adequate
• Access to housing • Number of jobs
Eligibility criteria: housing and
supported by the projects
• Affordable basic infrastructure household
• Projects that increase the access to social housing aiming in position of • Number of dwellings
to support people living in social and economic difficulties exclusion renovated or constructed
and person living without adequate housing
11
Council of Europe Development Bank Social Inclusion Bond Case Study
Target Population
OR SDG Linkages
outcomes)
Social housing for low-income persons
Projects for the renovation, construction or refurbishing of
housing and for the conversion of buildings into housing so as • Number of
to provide decent housing for low-income persons dwellings
Eligible projects include: • Access to essential services • Low-income (construction/
• property ownership (affordable housing persons renovation)
• Rental housing • Number of
• Related infrastructure (such as water mains, electricity and beneficiaries
gas supplies, collection and treatment of wastewater and
Council of Europe Development Bank
solid waste, commercial premises, and playgrounds).

Multilateral development bank
Education and vocational training

Projects concerning education, including vocational training,
and related basic infrastructure with the aim to provide access
to education and vocational training • Number
Eligible projects include: of schools
• Disadvantaged/ (construction/
• Access to essential services
• Construction and/or rehabilitation of early childhood vulnerable renovation)
(education)
education facilities, primary and secondary schools, populations
technical colleges, vocational training centres, • Number of
establishments of higher education or specialised learning students
and/or research and development centres
• Training programmes in favour of vulnerable groups
Supporting MSMEs for the creation and preservation of
viable jobs
• MSMEs including • Number of
Projects facilitating access to credit for micro, small and
smaller ones and MSMEs
medium-sized enterprises (MSMEs) for the prime purpose of
promoting the creation and preservation of viable jobs • Employment generation (SMEs those with limited, • Number of job
Eligible projects include: financing) less favourable, or preserved
even no access to • Number of jobs
• Craftsmanship/artisan activities
credit created
• Small family-owned enterprises engaged in regular
economic activity
Link to the
https://coebank.org/en/investor-relations/funding/
Framework
12
Council of Europe Development Bank Social Inclusion Bond Case Study (Cont’d)
Target Population
OR SDG Linkages
outcomes)
Health
Financing various types of projects that concern health and
Council of Europe Development Bank
related infrastructure and, that aim at benefitting the general

Multilateral development bank
public, in public and private state-approved establishments • Number of

Eligible projects include: healthcare
• Construction, renovation and modernisation of infrastructure facilities
such as hospitals, neighborhood healthcare centres upgraded
university hospitals or centres specialising in healthcare • Loan breakdown
• Access to essential services (health) • General public
for the elderly and the disabled, the purchase of modern per buildings
medical equipment and ambulances and equipment
• Health-related investments may also include the purchase delivered
of emergency medical equipment, consumable material, the • Number of
mobilisation of additional expertise and the rehabilitation and patients served
transformation of spaces and medical units to support an
increasing demand for equipment or services related to a
pandemic situation.
13
Crédit Mutuel Arkéa Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
Affordable housing
• Low income Examples
Loans dedicated to the financing of regulated social housing
schemes including: population • Number of units
• Affordable housing as defined in financed
• Prêt d’Accession Sociale (PAS): low-interest loan to help
PAS granting • Number of
families with low income reach property ownership.
requirement beneficiaries
• Loans to social housing landlords
Examples
Health and care • Each and every
• Number of
Loans to finance healthcare centres including: person including
structures
• Access to essential services (health) the most
• Public hospitals financed
vulnerable; elderly
• Medical-social centres such elderly care facilities persons • Number of
Crédit Mutuel Arkéa
beneficiaries
Territorial economic development

Loans dedicated to the financing of territorial economic Examples
development activities of the following local economic actors • Number of
and/or public interest bodies: structures
• SMEs
• SMEs financed
• Access to essential services • SSE structures
• Local authorities • Number of
and public service
jobs created/
• Social and Solidarity Economy (SSE) actors such as bodies
preserved
Communal social welfare centre (CCAS)
• Number of
• Associations
beneficiaries
• Foundations and philanthropic structures
Education
Examples
Loans to finance primary and secondary schools and
vocational training infrastructures including: • Youth in priority and • Number of
• Access to essential services sensitive areas, structures
• Construction and/or renovation of related buildings and
(education) disadvantaged financed
facilities
groups • Number of
• Dedicated programmes, learning materials, furniture and
beneficiaries
other equipment
Link to the
https://www.arkea.com/banque/assurance/credit/upload/docs/application/pdf/2019-09/arkea_green_social_and_sustainability_bond_framework_vf_04_09_19.pdf
Framework
Source: Social Bond Working Group Members, Company filings 14

Danone Social Bond Case Study
OR Linkages
Research & Innovation (R&I) for Advanced • Infants, pregnant • Number of beneficiaries
Medical Nutrition • Access to specialized nutrition women, patients • Number of publication
products for people with specific and elderly people • N/A
• Expenses related to Danone R&I for the Advanced nutritional needs with specific • Number of pattern
Medical Nutrition division nutritional needs • Number of clinical studies
• Number of jobs created
• Number of people
professionally empowered
• Socio-economic development of local
communities, mainly in developing • Number of women
• Farmers, excluded professionally empowered
countries
and/or marginalized • Number of indirect
• Socio-economic development of populations and/
Consumer Goods
small-scale farmers in developing beneficiaries

Social Inclusiveness or communities,
countries people living under • N/A • Number of people positively
Danone
• Impact Investment Funds • Progress towards gender equality in the poverty line, impacted
developing countries rural communities • Number of beneficiaries –
• Socio-economic development of rural in developing farms
communities countries • Number of households
• Promotion of healthy environment equipped with efficient cook
stoves
• Number of people positively
impacted since 2011
• Number of beneficiaries
• Populations which (Upstream & Downstream)
• Access to adequate food for low-
Social Inclusiveness income populations daily income per • Number of beneficiaries with
day per person is • N/A access to drinking water
• Direct social businesses financing • Access to clean drinking water for between 1.25 and
low-income populations • Number of beneficiaries in the
5 USD PPP fight against malnutrition and
poverty
Link to the
https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-social-bond/2018/socialbond/Social_Bond_Framework_final.pdf
Framework
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Danone Social Bond Case Study (Cont’d)
OR Linkages
Responsible farming and agriculture • Socio-economic development for milk
Cost paid by Danone to protect milk producers’ producers
• Milk producers, • Number of beneficiaries
production cost • Development of responsible farming • N/A
Farmers • Number of Farmers involved
Cost invested by Danone to protect non GMO practices
production • Promotion of healthy environment
• Socio-economic development of
Consumer Goods
Entrepreneurship financing • Full Time Employees

SMEs operating in the health and • Everyone • N/A
Financing of SMEs in the health and nutrition sectors • Current Turnover
nutrition sectors
Danone
• Percentage of employees
covered
• Number of countries covered
• Equal access to health coverage for
Quality healthcare and parental support by Dan’cares
Danone’s employees
Extra cost paid by Danone to provide high quality • Danone employees • N/A • Number of Countries which
health coverage • Progress towards gender equality for
have implemented the Danone
Danone’s employees
Global Parental Policy
• Percentage of employees
covered
16
Deutsche Kreditbank AG Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
• Regional population
Social Housing • Percentage of • In accordance to
• Affordable housing underserved
• Municipal housing, cooperative housing BBSR indicator
people (BBSR
indicator)
Public Supply • Regional population

• Water/wastewater • Affordable basic infrastructure/ • Percentage of • In accordance to
underserved BBSR indicator

• Public transport • Access to essential service
people (BBSR
• Public administration indicator)
DKB
• In accordance to
Health and Care • Percentage of BBSR indicator
• Access to essential services underserved
• Hospitals, medical facilities • Hospital: number
people (BBSR
of beds
indicator)
Education and Research • Percentage of • In accordance to
• Access to essential services underserved
• Schools, training facilities, University, Student Union BBSR indicator
people (BBSR
indicator)
Link to the
https://dok.dkb.de/pdf/dkb_social_bond_framework_2018_en.pdf
Framework
BBSR Indicator – is compiled by the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR) and analyses population data and other socio-
economic indicators such as overall net migration, the development of jobs and changes in the working age population, the unemployment rate and the trade tax effect. It provides
a snapshot of which regions in Germany are shrinking (at an below-average rate), growing (at an above-average rate) or showing no clear direction of development from a socio-
economic perspective.
17
Deutsche Kreditbank AG Blue Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
Tbd
Possible indicators:
Public Supply • Affordable basic infrastructure/ • Percentage of
• Water quality
DKB
underserved
• Water/wastewater • Access to essential service people • Supply area
(served
• (BBSR indicator)
population)
Special features of DKB‘s Blue Social Bond:
• Specific theme out of the present Social Bond Framework/Programme

• Refinancing of loans for urban, local or regional water purpose associations and associations for sewage treatment
• Water as a Social topic with Green aspects
18
East Japan Expressway Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
New construction and reconstruction of expressways

• Promotion of the development of cities and communities
which will induce investment in regional industries and Project evaluation:
tourism Progress in new
• Reduction of risks for imminent mega-earthquake/tsunami construction and
and intensifying climate hazards reconstruction
of expressways,
East Nippon Expressway Co. Ltd.
information on the
Utility/Expressway operator
planned openings,
progress in repair
Repair of expressways and recovery from disasters and specified
• Reduction of risks for imminent mega-earthquake/tsunami updates among
and intensifying climate hazards others will be
• Affordable basic infrastructure • General Public
published
• Ensuring traffic safety
• Promotion of environmental conservation Information on
planned openings
will be published
as necessary.
Progress in repair
and specified
Specific renewal of expressways updates among
others will be
• Measures to address aging infrastructure (promotion of
published annually
expressway renewal projects and realization of Smart
Maintenance Highways)
Link to the
https://www.e-nexco.co.jp/ir/bond_rate/socialfinance/ [e-nexco.co.jp]
Framework
Source: Social Bond Working Group Members, Company filings. (https://www.e-nexco.co.jp/company/info_public/committee/h30/1210/)
19
European Investment Bank Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
• Reduction in water use (% or
Conservation of natural resources m³/y)
• Upgrade and maintenance of water • Increased water use efficiency by • Non-revenue water, NRW (%)
production, transfer, storage and distribution water utilities • NRW: parameter used to
works • Increased water use efficiency by measure losses of water
• Implementation of water efficient technologies other sectors supply systems, PE (person
• Upgrade of wastewater treatment plants and • Increased recycling and safe reuse of equivalent): unit for measuring
associated works (e.g. tertiary treatment, wastewater pollution load of wastewater
aquifer recharge, duals networks) • Wastewater treated and
reused (% or m³/y)
Pollution prevention and control
• Preserving the quality of water bodies • Wastewater treated to
• Upgrades of existing or construction of new by reducing pollution from untreated acceptable standards (m³/y or
wastewater treatment plants, upgrade and wastewater p.e./y)

maintenance of sewer networks
Access to water and sanitation
EIB
• Number of persons benefitting

• Construction of new water treatment and from safe drinking water
transfer works, distribution/sewer network • New access to safe and affordable
potable water and / or adequate • Number of persons benefitting
extensions, on site sanitation facilities and new
sanitation from improved sanitation
connections
services
• Upgrade and maintenance of water treatment • Water security – sufficient quantity
and quality reaching the tap • Number of persons facing
and transfer works as well as distribution
reduced exposure to drought
networks, network management related
risk
measures
Natural disaster risks management

• Number of persons facing
• Construction/upgrade of dams, reservoirs, • Prevention of flood related disasters
reduced risk of flooding
dykes, canals and green infrastructure
Link to the
https://www.eib.org/attachments/fi/0_sab_website.pdf
Framework

20
Instituto de Credito Oficial Social Bond Case Study
OR Linkages
SME Lending
Economically underperforming regions: Loans to SMEs
established in Economically underperforming regions of Spain.
To be eligible for the social bond proceeds, the loans funded by ICO’s
second floor facilities must be made to enterprises meeting each of
the following criteria:
• Be located in an economically underperforming region of Spain
defined as regions with GDP per capita lower than the Spain’s
national GDP per capita
• SMEs in line with
Depopulation: Loans to SMEs established in municipalities of Spain European Union’s
facing depopulation, hence supporting the fight against the Empty

Instituto de Credito Oficial
standards, and • Estimated

Spain located in :
The loans funded by ICO’s second floor facilities must be made to • Support to employment preservation jobs created
enterprises, including start-ups, meeting each of the following criteria: and generation in the concerned area • Economically or retained
underperforming in the
• Be located in municipalities facing depopulation defined as follows: • Development of territorial region, or concerned
Municipalities experiencing (1) population decrease and are (2) competitiveness in the concerned area
below the national average population growth rate, over the last 10 area • Municipalities
years as reported by the INE (National Statistics Institution) census experiencing • Number
• Reduction of regional inequalities depopulation, or of SMEs
data.
• Regions affected financed
Natural/health disasters: Loans to support SMEs and self- by a natural/health
employed affected by any natural/health disaster (pandemics, disaster
earthquakes floods, droughts…)
• Be located in regions affected by a natural/ health disaster
Common criteria for the previous categories:

The loans funded by ICO’s second floor facilities must be made to
enterprises, including start-ups, meeting each of the following criteria:
• Be a small, medium or microenterprise (SME) as defined by
European Union’s definition and categorization of SMEs.
• Not be engaged in any business activity described under the
Exclusionary Criteria
Link to the
https://www.ico.es/documents/15125/2289929/ICO+Social+Bond+Framework_/d5544a2b-1b14-477d-b2a8-1944d97d6456
Framework

Instituto de Credito Oficial Social Bond Case Study (Cont’d)
Target Population
OR SDG Linkages
outcomes)
• Aged / disabled
individuals
Socioeconomic advancement and empowerment: Foster • Companies with a
programs that support the Socioeconomic advancement and high proportion of
empowerment: disabled persons in • Number of final
• Promote local social solidarity the workforce beneficiaries
• Projects aiming at supporting, integrating and providing
• Economic development • Victims of gender among the target
basic services to vulnerable population
violence, risk population
• Projects developing job security / basic needs / equal population and
opportunities minorities
• Migrants and/
displaced persons
Social Housing: Loans dedicated to the development and • Eligible beneficiaries • Number of
provision of Social Housing, including: according to beneficiaries
• Fighting housing exclusion by among the target
• Renovation, maintenance and improvements of social socio-economic
providing affordable housing and population
housing projects requirements
shelter to disadvantaged populations
• Provide Social Housing with adapted rents to disadvantaged set by regional • Number of
targeted populations governments residences
Access to essential services

Access to healthcare: Loans dedicated to the development
and provision of medical care and health services including:
• Construction/renovation/extension of multi-disciplinary public • Number of
health centers • Improve the availability and quality of
medical care. • Hospitals/ projects
• Purchase of healthcare materials and access to mobility for Healthcare • Number of
healthcare professionals • Reduce territorial and social health
inequalities. • Senior healthcare projects in areas
• Equipment of medical establishments for e-medicine centres/homes with health offer
• Improve population health shortages
• R&D to improve care and develop new treatments
• Training of healthcare professionals
• Public infrastructure and equipment for the provision of
emergency medical care and of disease control services.

Target Population
OR SDG Linkages
outcomes)
Access to essential services
Access to Education: Loans dedicated to
the development and provision of education, • Number of projects
including: • Increase capacity and availability of • Public education system
educational institutions (open to all population) • Increase in School/
• Construction/renovation/extension of public University capacity
Kindergarten, Primary and Secondary
Education school and University buildings
• People with socio-
professional integration
Access to essential services difficulties (all ages), long-

Access to professional training: Loans term unemployed • Number of
dedicated to organizations delivering beneficiaries trained/
• Young people with graduated
professional and technical training: • Improve quality of education educational difficulties
• Professional and technical training supporting (deschooling, learning • Number of
• Social and professional integration of
integration of unemployed population to the difficulties) beneficiaries
young and unemployed population
workforce successfully
• People in sensitive or reintegrated into
• Training for sectors experiencing shortages of priority areas or in a working force
Workforce vulnerable situation (peri-
urban and rural areas,
migrants).
Access to essential services • Support to employment preservation
Access to financing for companies facing and generation in the concerned area • Number of companies
• Population in Spain
natural / health disasters: Loans dedicated financed affected
• Development of territorial affected by a natural/health
to companies facing natural and/or health by natural/ health
competitiveness in the concerned disaster
disasters included but not limited to: pandemics, disasters
earthquakes, floods, droughts area
23
Target Population
OR SDG Linkages
outcomes)
• Underserved areas
Affordable basic infrastructure
Water and sanitation: Loans dedicated to the • Excluded and/
development and maintenance of infrastructure or marginalized
• Providing safe and affordable basic • Number of water infrastructure
improving access to: populations and/or
services to all projects built/upgraded
communities
• Clean/drinking water
• All population in
• Sanitation services
Spain
Affordable basic infrastructure
• Population • Rate of coverage in concerned
Connectivity and digital access: Loans
located in rural areas
dedicated to reducing connectivity and digital • Fighting challenges of connectivity in

challenges in rural areas in Spain: areas (individuals, • Number of companies / public

the concerned areas
companies and institutions subscribed in
• Deployment of ICT infrastructure including but public services) concerned areas
not limited to 5G
Socioeconomic advancement and

empowerment: Investments in Social Funds
• Social funds
providing funding to social enterprises. To be
• Promote local social solidarity aligned with the EU • Number of final beneficiaries
eligible the Social fund should:
economic development regulation among the target population
• Be recognized as European social
• Social start-ups
entrepreneurship fund, aligned with the
European Union regulation
24
Landesbank Baden-Württemberg Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
LBBW - Landesbank Baden-Württemberg
Affordable basic Infrastructure

Affordable basic Infrastructure
• Contribute to access to decent
• Loans for financing /refinancing of Water /
affordable basic infrastructure
Sewage • Not available
• Facilitate improved coverage of vital
• Loans for financing /refinancing of Public
water/sewage and public transport • Number of people benefiting

Transport
infrastructure from the social bond financing
(Dedicated methodology
developed by Prognose AG,
Access to essential Services which is also commissioned
Access to essential Services • Contribute to access to essential to calculate the impact)
• Loans for financing /refinancing of Health Care services
• Loans for financing /refinancing of Social Care • Facilitate improved social & health • Not available
• Loans for financing /refinancing of Education & care, and education & vocational
Vocational training training, to contribute to reducing
social inequality and reduce poverty
Link to the
https://www.lbbw.de/konzern/disclaimer/disclaimer-social-bonds/20190916_lbbw_social_bond_framework_2019_english_93qfhzg25_m.pdf
Framework
25
Millicom Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
Mobile network rollout • Unconnected
• Investments to provide access to mobile population including
voice and data services directed to expand persons in the
Objectives countries where
coverage.
• Ensuring that sufficient technologies Millicom operates
Fixed network rollout and upgrade are in place to foster the adoption that do not have
• Investments in fixed network to increase of internet-based applications to mobile or fixed
broadband penetration. facilitate access to real-time data and network coverage
information for the mass public. or have network • Number of mobile data users
Millicom
Telecom
• Further enable the use of on-line coverage but and 4G net additions
based services to improve social services are limited • Number of homes passed and
Spectrum acquisition and license renewal mobility (such as online banking and or unaffordable to homes connected
• As Millicom’s coverage increases and Millicom education). them.
continues to migrate to newer technologies • Millicom’s investments in spectrum • Underserved
(e.g. 4G), the company needs to acquire add to the company’s objective of population
spectrum in different bands to support improving mobile connectivity and including persons
services. expanding coverage to more people. who have access
to mobile and fixed
networks of inferior
technology.
Link to the
https://www.millicom.com/media/3729/millicom-sustainability-bond-framework-march-18-final-final-clean-version.pdf
Framework
26
Millicom Social Bond Case Study (Cont’d)
Target Population
OR SDG Linkages
outcomes)
• Reducing the gender gap in the

Empowering women usages of mobile phones, internet
Connected women and mobile money, with the goal • Women in areas
• Training program specifically for women in the of bringing women into the digital where Millicom
uses and advantages of ICT. economy. operates and who • Number of people using
• Training of women designed have micro or small Millicom’s mobile financial
Women in our value chain to enhance their self-esteem, businesses and services
• The program seeks to train and empower business skills and digital literacy. By seek to maximize
• Number/volume of
1750 women micro-entrepreneurs per year to increasing women’s pathways into their capabilities,
transactions
conduct their business, through Tigo Money , the labour market, their productivity efficiencies and
a digital tool which advances the digitalization and income through digital tools, income through the • Number of women trained in
of SMEs. This program is expected to women will improve their socio- digitalization of their the use of smartphones
increase the income of participating women economic conditions, and stimulate a business. • Number of women trained in
by $350 annually. positive ripple effect in their families, basic online skills and safety
communities and local economies. • Number of women added as
Tigo Services Sales Women
Millicom
Telecom
Protecting children • Number of parents/ teachers/

Crianza Digital caretakers trained in
• The purpose of the project, is to help create responsible and productive
a safe and positive online environment for • Public school use of the internet
children, teaching children, adolescents, children,
• Number of children trained in
families, teachers and caregivers about the adolescents and
• Children who do not have access to responsible and productive
dangers and opportunities related to the adult caretakers
the internet are at a disadvantage to use of the internet
internet and digital technology and providing including parents
those that do. Access is just the first • Number of women certified
training to teachers on Child Issues/Rights. and teachers
step but helping them understand as Mobile Financial Services
The trainings are given by qualified company in areas where
how to use the tool for their Promoters
volunteers. Millicom operates
development and education in a safe
and where there • Number of SMEs included
Adopt a school manner is key to help them thrive in
is little or no and participating in online
this new digital world.
• The program seeks to strengthen the quality education available transaction platform
of education for children and adolescents by on information
providing digital learning centers, trainings Technology
on the use of information technology to
students and teachers and improving school
infrastructure.

27
Target Population
OR SDG Linkages
outcomes)
Connecting Communities
Community Development Associations
• Training and education for representatives of
the Community Development Associations • This program will allow CDAs to
(CDAs) program on Tigo Money. optimize their collection and money
transfer processes and, will also, • Community
• CDAs process international remittances empower nonbanking communities Development • Number of people using
on their mobile devices and payments to adopt mobile financial services Associations Millicom’s mobile financial
for services such as water, electricity and for the payment of bills, receipt of in areas where services
telecommunications. These communities are international remittances and money Millicom operates.
not currently part of the traditional banking transfers. • Number/volume of
system. • Millicom works transactions
• In each community, this program with around 2,500
Mobile Financial Services Promoters will also reduce the transportation CDAs serving • Number of women trained in
Certification expenses to multiple collection about 500,000 the use of smartphones
• The project aims to develop a sustainable and remittance venues and risks of mobile financial • Number of women trained in
Millicom
Telecom
and comprehensive business model for managing cash. services users to basic online skills and safety
Tigo Money agents. They will be trained • Introducing SMEs into the facilitate their entry • Number of women added as
and certified as Mobile Financial Services Digital Economy promotes their into the Digital Tigo Services Sales Women
Promoters, and at the same time, will grow competitiveness and increases their Economy and • Number of parents/ teachers
their businesses. opportunities to grow and succeed, commerce.
• Number of women certified
accessing new markets and • Microentrepreneurs
Tigo in your Community as Mobile Financial Services
expanding their customer base. in the area where Promoters
• The project equips community centers with • Connecting unconnected Millicom operates
computer equipment and teachers to educate and where there • Number of SMEs included
communities, build digital literacy,
5,000 students, parents and teachers per are unconnected and participating in online
strengthen communities, and
year on digital literacy and tools, computer and or underserved transaction platform
improve education. Access to
programming skills, robotics and child online telecommunications and digital tools populations.
protection, and foster community-building and also improves safety and national
interaction. Priority is given to public schools security.
which do not have computers or digital
tools and rural areas with little or no network
infrastructure.
28
Target Population
OR SDG Linkages
outcomes)
Sustainability in Millicom’s Supply Chain

Supplier Training Program • Millicom suppliers
• Training key suppliers elevates that score the
• The purpose of the program is to integrate their performance in corporate lowest in the
sustainable practices in Millicom’s key responsibility areas, creates company’s
Millicom
Telecom
suppliers’ practices and operations by training • Number of suppliers trained

positive ripple effects on fair labour sustainable
them on topics such as Health & Safety, Anti in Corporate Responsibility
practices, ethics, health & safety procurement
Bribery and AntiCorruption (ABAC), Fair Labour Trainings
and environmental stewardship, and platform will be
Practices, Child Rights and EcoEfficiency. increases suppliers overall standing in engaged in the
Suppliers are required to develop Corrective the market. Suppliers Training
Action Plans which are monitored by the Program.
company.
29
MuniFin Social Bond Case Study
OR Target Population SDG Linkages
Issuer Industry Use of Proceeds Indicators
Specific social issue (for socio-economic outcomes) (if any)
Social Housing Projects • The most vulnerable population
• Social Housing targeted towards the most e.g. elderly, homeless, students,
vulnerable population. disabled people, people with
• Social Housing projects that support mental health or substance abuse
• Affordable housing
communal problems, people suffering from
• living and are targeted to people that fulfil memory illness, youth, refugees,
ARA’s (The Housing Finance and Development severely marginalized people and
Centre of Finland) criteria. rehabilitees.
• Sports and culture facilities

are screened using an
Welfare Projects internal evaluation model that
analyses post code areas
• Healthcare facilities (incl. public hospitals,
and municipalities across
health centres/properties, inpatient and
Public Sector
socioeconomic factors to identify

outpatient clinics, and care homes) and health
MuniFin
areas where investments in health

service hardware. • Not available
• Access to essential services and wellbeing would have the
• Sport facilities and public open spaces (incl. greatest impact on the vitality of
parks, fields, centres, swimming halls, ice the area.
rinks).
• Other projects are open to the
• Culture facilities (incl. libraries, culture centres, general public and provided
museums, theatres, multipurpose venues) to benefit everyone regardless
of their income and/or area of
residence
Education Projects are screened
Education Projects using an internal evaluation
• Education facilities (incl. day care centers, model that analyses post code
• Access to essential service
preprimary education, primary and secondary areas and municipalities across
Socioeconomic advancement and
schools, upper secondary schools, higher socioeconomic factors to identify
empowerment
education campuses and education centers) areas where investments in
and education hardware. education would have the greatest
impact on the vitality of the area.
Link to the
https://www.kuntarahoitus.fi/app/uploads/sites/2/2020/02/Municipality-Finance-Plc-Social-Bonds-Framework-February-2020.pdf
Framework
30
SFIL Group (Caisse Française de Financement Local) Social Bond Case Study
OR Target Population SDG Linkages
Issuer Industry Use of Proceeds Indicators
Specific social issue (for socio-economic outcomes) (if any)
Finance and/or refinance, in whole or in part the
Health Loan Portfolio as defined below:
The “Health Loan Portfolio” consists of all existing

and future public hospital loans originated by
SFIL Group since 2013, in accordance with the
French public hospital policy as defined by the
French Law in the “Code de la Santé Publique”
and contributing to the public hospital sector • Number of

responsibilities, including: places and beds
• Public hospitals providing health
CAFFIL
• Provision of public health services for the • Access to essential services (health) services for all including to the • Number of
whole population, regardless of the income, most vulnerable hospital stays
social or financial status, at any time, and (stays of one or
for all medical and surgical specialties, all several days)
diagnostic and therapeutic possibilities,
including rare diseases or extremely
expensive, complex and long-term treatments;
• Research to continually improve care and
develop new treatments;
• Training of doctors, midwives, pharmacists,
dentists, healthcare executives, nurses, etc.
Link to the
https://caissefrancaisedefinancementlocal.fr/en/investor/covered-bonds-issuance/
Framework
31
Shriram Transport Finance Company (SFTC) Social Bond Case Study
Target Population
OR SDG Linkages
outcomes)
• Provision of financing for Small Road Transport
Operators and First Time Buyers from
Shriram Transport Finance Company
• Number of products
Non-Banking Financial Institution
underserved communities1 across India at

and services serving
favourable interest rates. To exclude vehicles
low-income groups
that are used in environmental unfriendly • Small Road Transport
sectors such as extraction, refining, or Operators and First Time • Number of
transportation of coal Buyers from underserved enterprises benefiting
• Employment generation including communities across India from MSME financing
• Provision of suitable financial instruments and
through MSME financing and and total of MSME
supporting services for micro-, small- and • MSME in India
microfinance financing provided
medium-sized enterprises (MSME) in India, in • Entrepreneurs from
accordance to the definition in Micro, Small & • Number of people
communities in low-income
Medium Enterprises Development Act, 2006 provided with
states across India
access to financial
• Provision of affordable loans to help
services, including
communities alleviate income through
microfinance
promoting entrepreneurship from low-income
states as defined by World Bank2
Link to the
https://www.stfc.in/investors/social-finance-framework/
Framework
1 STFC classifies their core market as people that do have bank accounts, yet cannot get a loan from their bank
2 Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan and Uttar Pradesh as defined by World Bank India State Briefs
32
Principles
Contact details
ICMA Paris Representative Office
62 rue la Boétie
75008 Paris
France
Tel: +33 1 70 17 64 70
socialbonds@icmagroup.org
www.icmagroup.org

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Principles

Social and Sustainability Bond Case Studies:

Each case study applies a common approach—outlining

The Social Bond Working Group underscores that there

with positive COVID-19

alleviate the and/or communities

Source: Social Bond Working Group Members, Company filings

alleviate the programs; and/or communities • Number of people trained

Source: Social Bond Working Group Members, Company filings

expansion of doors and passageways, establishment of passengers with

gates) flights (year-on-

disease care products on health promotion

friendly-related products (health and healthcare) improvement, and

saving production technology

Equipment and construction • The number of

Extension and reconstruction

• Affordable basic infrastructure (including clean drinking

• Access to essential services (including health, education

• Access to essential services • General Public None • Not specified

• Affordable housing (including low-rent housing, affordable • Low income

Employment generation (including through the potential • Employment generation (including

Source: Social Bond Working Group Members, Company filings

• Improve existing sanitation facilities and sewers (i.e. rail transportation,

Source: Social Bond Working Group Members, Company filings

• Employment preservation/generation • Number of employees

Social housing: supporting investments in this sector with the

Source: Social Bond Working Group Members, Company filings

solid waste, commercial premises, and playgrounds).

Education and vocational training

Source: Social Bond Working Group Members, Company filings

related infrastructure and, that aim at benefitting the general

public, in public and private state-approved establishments • Number of

Source: Social Bond Working Group Members, Company filings

Territorial economic development

Source: Social Bond Working Group Members, Company filings 14

small-scale farmers in developing beneficiaries

Source: Social Bond Working Group Members, Company filings

Entrepreneurship financing • Full Time Employees

Source: Social Bond Working Group Members, Company filings

Public Supply • Regional population

underserved BBSR indicator

Special features of DKB‘s Blue Social Bond:

• Specific theme out of the present Social Bond Framework/Programme

New construction and reconstruction of expressways

Source: Social Bond Working Group Members, Company filings. (https://www.e-nexco.co.jp/company/info_public/committee/h30/1210/)

wastewater treatment plants, upgrade and wastewater p.e./y)

• Number of persons benefitting

Natural disaster risks management

Source: Social Bond Working Group Members, Company filings

facing depopulation, hence supporting the fight against the Empty

standards, and • Estimated

Common criteria for the previous categories:

Source: Social Bond Working Group Members, Company filings 21

Access to essential services

Source: Social Bond Working Group Members, Company filings 22

Access to essential services difficulties (all ages), long-

Source: Social Bond Working Group Members, Company filings

dedicated to reducing connectivity and digital • Fighting challenges of connectivity in

challenges in rural areas in Spain: areas (individuals, • Number of companies / public

Socioeconomic advancement and

Source: Social Bond Working Group Members, Company filings

Affordable basic Infrastructure

water/sewage and public transport • Number of people benefiting

Source: Social Bond Working Group Members, Company filings